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Model Note · 20 MICRONS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
20 MICRONS LTD Discounted cash flow · base FY26
20 MICRONS LTD
Value per share, this model₹273
CMP 2026-09-10₹208.47
Difference31.1%
Growth the CMP implies(16.5)%/yr
This note states the assumptions and the arithmetic of one model of 20 MICRONS LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
4.5% a year
FY26 4.5% · 5-yr CAGR 14.6%
EBITDA margin
12.9%
FY26 12.9% · 5-yr average 12.8%
Depreciation · capex, % of revenue
2.2% · 2.8%, fading to 1.2× depreciation
FY26 2.2% · 2.8%
Working capital, % of added revenue · tax
27% · 26.3%
99 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹72 · ₹0 · ₹0 cr
FY26 net debt ₹72 cr
Shares
3.53 crore
3.53 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
954
997
1,042
1,088
1,137
1,189
growth %
4.5
4.5
4.5
4.5
4.5
4.5
EBITDA
123
129
134
140
147
153
Depreciation
(21)
(22)
(23)
(24)
(25)
(26)
NOPAT
75
79
82
86
90
94
less capex
(26)
(28)
(29)
(30)
(30)
(31)
less working-capital build
—
(12)
(12)
(13)
(13)
(14)
Free cash flow to firm
—
61
64
68
71
75
Present value
58
55
52
49
47
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · 20 MICRONS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
261
PV of the terminal value (75% of EV)
776
Enterprise value
1,036
less net debt
(72)
less non-controlling interest
0
add non-operating investments
0
Equity value
964
÷ 3.53 crore shares
₹273
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
283
305
331
363
403
10.5%
260
278
300
325
357
11.0%
240
255
273
294
320
11.5%
223
236
251
269
289
12.0%
208
219
232
247
264
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
