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Model Note · CENTRAL MINE P N D INST L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CENTRAL MINE P N D INST L Discounted cash flow · base FY26
CENTRAL MINE P N D INST L
Value per share, this model₹143
CMP 2026-09-10₹214.30
Difference(33.5)%
Growth the CMP implies24.5%/yr
This note states the assumptions and the arithmetic of one model of CENTRAL MINE P N D INST L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
33.6%
FY26 33.6% · 5-yr average 33.6%
Depreciation · capex, % of revenue
1.5% · 2.8%, fading to 1.2× depreciation
FY26 1.5% · 2.8%
Working capital, % of added revenue · tax
35% · 25.6%
128 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(459) · ₹0 · ₹0 cr
FY26 net debt ₹(459) cr
Shares
71.40 crore
71.40 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
2,317
2,502
2,702
2,918
3,152
3,404
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
778
841
908
981
1,059
1,144
Depreciation
(35)
(38)
(41)
(44)
(47)
(51)
NOPAT
553
598
645
697
753
813
less capex
(64)
(70)
(69)
(67)
(65)
(61)
less working-capital build
—
(65)
(70)
(76)
(82)
(88)
Free cash flow to firm
—
500
547
598
654
714
Present value
475
468
461
454
447
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 · CENTRAL MINE P N D INST L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,303
PV of the terminal value (76% of EV)
7,420
Enterprise value
9,723
less net debt
459
less non-controlling interest
0
add non-operating investments
0
Equity value
10,182
÷ 71.40 crore shares
₹143
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
147
157
170
185
204
10.5%
136
145
155
167
182
11.0%
127
134
143
153
165
11.5%
119
125
132
140
150
12.0%
112
117
123
130
138
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
