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Millat TractorsKAR:MTL -0.33%78 PB Ratio is 29.58 as of Jul. 22, 2026, which is 230% above its 10-year median of 8.96. GuruFocus rates KAR:MTL with a GF Score™ of 78/100 and a GF Value™ of ₨211.38 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 202 Farm & Heavy Construction Machinery companies, Millat Tractors ranks worse than 99.5% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-22), Millat Tractors's share price is ₨286.62. Millat Tractors's Book Value per Share for the quarter that ended in Mar. 2026 was ₨9.69. Hence, Millat Tractors's PB Ratio of today is 29.58.
Warning Sign:
Millat Tractors Ltd stock PB Ratio (=29.68) is close to 10-year high of 32.02.
The historical rank and industry rank for Millat Tractors's PB Ratio or its related term are showing as below:
KAR:MTL'
s PB Ratio Range Over the Past 10 Years
Min: 4.84 Med: 8.96 Max: 32.02
Current: 29.58
During the past 13 years, Millat Tractors's highest PB Ratio was 32.02. The lowest was 4.84. And the median was 8.96.
KAR:MTL's PB Ratio is ranked worse than 99.5% of 202
companies
in the Farm & Heavy Construction Machinery industry
Industry Median: 1.5
vs KAR:MTL: 29.58
During the past 12 months, Millat Tractors's average Book Value Per Share Growth Rate was -47.90% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 1.80% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 10.00% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 6.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Millat Tractors was 21.60% per year. The lowest was -11.00% per year. And the median was 6.00% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Millat Tractors PB Ratio Related Terms
Millat Tractors PB Ratio Historical Data
* Premium members only.
The historical data trend for Millat Tractors's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Farm & Heavy Construction Machinery subindustry, Millat Tractors's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Millat Tractors PB Ratio vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Millat Tractors's PB Ratio distribution charts can be found below:
* The bar in red indicates where Millat Tractors's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Millat Tractors's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Millat Tractors (KAR:MTL) has a PB Ratio of 29.58 as of Jul. 22, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Millat Tractors and its competitors. This is 230% above median its historical median of 8.96. Over the past decade, Millat Tractors' PB Ratio has ranged from 4.84 to 32.02. According to the industry distribution chart, Millat Tractors ranks #201 out of 202 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 99.5%.
Is Millat Tractors' PB Ratio too high?
Millat Tractors' current PB Ratio of 29.58 is 230% above median its 10-year median of 8.96. Over the past 10 years, this metric has ranged from a low of 4.84 to a high of 32.02. The Farm & Heavy Construction Machinery industry median PB Ratio is 1.50. Millat Tractors' value of 29.58 is 1872% above this industry median. Based on the distribution chart, Millat Tractors ranks #201 out of 202 companies in the Farm & Heavy Construction Machinery industry, which is in the bottom quartile relative to peers. Overall, Millat Tractors has a GF Score™ of 78/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Millat Tractors' PB Ratio compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Millat Tractors ranks #201 out of 202 companies for PB Ratio. This places Millat Tractors in the lower half of its industry. The industry median PB Ratio is 1.50. Millat Tractors' value of 29.58 is 1872% above this benchmark. Historically, Millat Tractors' own PB Ratio has ranged from 4.84 to 32.02 over the past decade. While the company's 10-year median is 8.96 vs. the industry median of 1.50, Millat Tractors has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Farm & Heavy Construction Machinery company?
The median PB Ratio among Farm & Heavy Construction Machinery companies is 1.50, based on 202 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Millat Tractors's current PB Ratio of 29.58 is 1872% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Millat Tractors and its competitors. For the Farm & Heavy Construction Machinery industry, the median PB Ratio is 1.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Millat Tractors's current PB Ratio is 29.58, which is 230% above median its own 10-year median of 8.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Millat Tractors stock overvalued right now?
Based on GuruFocus' analysis, Millat Tractors (KAR:MTL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨211.38, compared to a current price of ₨286.62 — trading 35.6% above its estimated fair value. The current PB Ratio is 29.58, which is 230% above median its 10-year median of 8.96 and 1872% above the Farm & Heavy Construction Machinery industry median of 1.50. Millat Tractors' overall GF Score™ is 78/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Millat Tractors (KAR:MTL), the current PB Ratio is 29.58 as of Jul. 22, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Millat Tractors (KAR:MTL) Overvalued in 2026?
Based on GuruFocus' analysis, Millat Tractors stock appears to be overvalued.
The current stock price of ₨286.62 is trading 35.6% above its estimated GF Value™ of ₨211.38.
GuruFocus considers Millat Tractors to be Significantly Overvalued.
Key valuation signals for KAR:MTL:
PB Ratio: 29.58 (230% above median its 10-year median of 8.96)
GF Value™: ₨211.38 vs. price of ₨286.62 (35.6% above fair value)
Industry Position: 1872% above the Farm & Heavy Construction Machinery median (#201 of 202)
No single metric tells the full story. See the KAR:MTL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Millat Tractors Ltd operates in the automobile sector. It is engaged in assembling and manufacturing of agricultural tractors, implements and multi-application products. The Company is also involved in the sale, implementation and support of IFS applications in Pakistan and abroad. The company's operating segment includes Tractors; Tractor components; Castings and Others. It generates maximum revenue from the Tractors segment. The tractor components segment is engaged in the business of manufacturing automotive, agricultural and industrial vehicle parts and components.
78GF Score
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