This note states the assumptions and the arithmetic of one model of BRADY & MORRIS ENGINEERING CO., 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
-5% a year
FY26 (19.0)% · 5-yr CAGR 13.9%
EBITDA margin
8.9%
FY26 8.9% · 5-yr average 16.5%
Depreciation · capex, % of revenue
1.6% · 1.6%, fading to 1.2× depreciation
FY26 1.6% · 1.6%
Working capital, % of added revenue · tax
38.4% · 23.8%
140 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4 · ₹0 · ₹0 cr
FY26 net debt ₹4 cr
Shares
0.23 crore
0.23 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
73
69
66
63
60
57
growth %
(19.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
7
6
6
6
5
5
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
4
4
4
3
3
3
less capex
(1)
(1)
(1)
(1)
(1)
(1)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
5
5
5
4
4
Present value
5
4
4
3
3
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 · BRADY & MORRIS ENGINEERING CO. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
18
PV of the terminal value (70% of EV)
43
Enterprise value
61
less net debt
(4)
less non-controlling interest
0
add non-operating investments
0
Equity value
57
÷ 0.23 crore shares
₹254
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
262
281
304
332
366
10.5%
242
258
277
299
326
11.0%
225
238
254
272
294
11.5%
210
221
234
250
268
12.0%
197
207
218
231
246
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
