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Millat TractorsKAR:MTL +0.76%73 ROC (Joel Greenblatt) % is 156.80% as of Mar. 2026, which is 5% above its 10-year median of 149.49. GuruFocus rates KAR:MTL with a GF Score™ of 73/100 and a GF Value™ of ₨147.54 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 209 Farm & Heavy Construction Machinery companies, Millat Tractors ranks better than 96.17% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Millat Tractors's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 156.80%.
The historical rank and industry rank for Millat Tractors's ROC (Joel Greenblatt) % or its related term are showing as below:
KAR:MTL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 65.39 Med: 149.49 Max: 511.78
Current: 87.08
During the past 13 years, Millat Tractors's highest ROC (Joel Greenblatt) % was 511.78%. The lowest was 65.39%. And the median was 149.49%.
KAR:MTL's ROC (Joel Greenblatt) % is ranked better than 96.17% of 209
companies
in the Farm & Heavy Construction Machinery industry
Industry Median: 13.24
vs KAR:MTL: 87.08
Millat Tractors's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -14.80% per year.
Millat Tractors (KAR:MTL) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Millat Tractors ROC (Joel Greenblatt) % Related Terms
Millat Tractors ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Millat Tractors's ROC (Joel Greenblatt) % 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.
KAR:MTL vs CAT, DE, PCAR: ROC (Joel Greenblatt) % Comparison
For the Farm & Heavy Construction Machinery subindustry, Millat Tractors's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Millat Tractors's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Millat Tractors's ROC (Joel Greenblatt) % falls into.
Millat Tractors ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 156.80% mean?
Millat Tractors (KAR:MTL) has a ROC (Joel Greenblatt) % of 156.80% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Millat Tractors and its competitors. This is near median its historical median of 149.49. Over the past decade, Millat Tractors' ROC (Joel Greenblatt) % has ranged from 65.39 to 511.78. According to the industry distribution chart, Millat Tractors ranks #8 out of 209 companies in the Farm & Heavy Construction Machinery industry, placing it in the top 3.8%.
Is Millat Tractors' ROC (Joel Greenblatt) % too high?
Millat Tractors' current ROC (Joel Greenblatt) % of 156.80% is near median its 10-year median of 149.49. Over the past 10 years, this metric has ranged from a low of 65.39 to a high of 511.78. The Farm & Heavy Construction Machinery industry median ROC (Joel Greenblatt) % is 13.24. Millat Tractors' value of 156.80% is 1084.3% above this industry median. Based on the distribution chart, Millat Tractors ranks #8 out of 209 companies in the Farm & Heavy Construction Machinery industry, which is in the top quartile — a strong position relative to peers. Overall, Millat Tractors has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Millat Tractors' ROC (Joel Greenblatt) % compare to CAT and DE?
According to the Farm & Heavy Construction Machinery industry distribution chart, Millat Tractors ranks #8 out of 209 companies for ROC (Joel Greenblatt) %. This places Millat Tractors in the top 4% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 13.24. Millat Tractors' value of 156.80% is 1084.3% above this benchmark. Historically, Millat Tractors' own ROC (Joel Greenblatt) % has ranged from 65.39 to 511.78 over the past decade. While the company's 10-year median is 149.49 vs. the industry median of 13.24, 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 ROC (Joel Greenblatt) % for a Farm & Heavy Construction Machinery company?
The median ROC (Joel Greenblatt) % among Farm & Heavy Construction Machinery companies is 13.24, based on 209 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Millat Tractors's current ROC (Joel Greenblatt) % of 156.80% is 1084.3% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Millat Tractors and its competitors. For the Farm & Heavy Construction Machinery industry, the median ROC (Joel Greenblatt) % is 13.24 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Millat Tractors's current ROC (Joel Greenblatt) % is 156.80%, which is near median its own 10-year median of 149.49. 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 ₨147.54, compared to a current price of ₨298.83 — trading 102.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 156.80%, which is near median its 10-year median of 149.49 and 1084.3% above the Farm & Heavy Construction Machinery industry median of 13.24. Millat Tractors' overall GF Score™ is 73/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Millat Tractors (KAR:MTL), the current ROC (Joel Greenblatt) % is 156.80% as of Mar. 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 ₨298.83 is trading 102.5% above its estimated GF Value™ of ₨147.54.
GuruFocus considers Millat Tractors to be Significantly Overvalued.
Key valuation signals for KAR:MTL:
ROC (Joel Greenblatt) %: 156.80% (near median its 10-year median of 149.49)
GF Value™: ₨147.54 vs. price of ₨298.83 (102.5% above fair value)
Industry Position: 1084.3% above the Farm & Heavy Construction Machinery median (#8 of 209)
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.
73GF Score
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