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Model Note · DECO-MICA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DECO-MICA LTD. Discounted cash flow · base FY26
DECO-MICA LTD.
Value per share, this model₹53
CMP 2026-09-09₹60.31
Difference(12.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DECO-MICA 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
-5% a year
FY26 (9.9)% · 5-yr CAGR 5.1%
EBITDA margin
6%
FY26 6.0% · 5-yr average 7.4%
Depreciation · capex, % of revenue
2.5% · 1.4%, fading to 1.2× depreciation
FY26 2.5% · 1.4%
Working capital, % of added revenue · tax
73.6% · 43%
269 working-capital days · effective 43.0%
Discount rate
11.00%
1-yr beta 0.78
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹22 · ₹0 · ₹0 cr
FY26 net debt ₹22 cr
Shares
0.42 crore
0.42 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
69
65
62
59
56
53
growth %
(9.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
4
4
4
4
3
3
Depreciation
(2)
(2)
(2)
(1)
(1)
(1)
NOPAT
1
1
1
1
1
1
less capex
(1)
(1)
(1)
(1)
(1)
(2)
less working-capital build
—
3
2
2
2
2
Free cash flow to firm
—
5
4
4
3
3
Present value
4
3
3
2
2
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 · DECO-MICA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
15
PV of the terminal value (67% of EV)
30
Enterprise value
44
less net debt
(22)
less non-controlling interest
0
add non-operating investments
0
Equity value
22
÷ 0.42 crore shares
₹53
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
56
63
71
82
95
10.5%
49
54
61
70
80
11.0%
42
47
53
60
68
11.5%
37
41
46
51
58
12.0%
32
35
39
44
50
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
