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Model Note · INDIAN METALS & FERRO · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAN METALS & FERRO Discounted cash flow · base FY26
INDIAN METALS & FERRO
Value per share, this model₹527
CMP 2026-09-10₹1,246.80
Difference(57.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDIAN METALS & FERRO, 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
10% a year
FY26 10.2% · 5-yr CAGR 8.9%
EBITDA margin
20.8%
FY26 20.8% · 5-yr average 22.3%
Depreciation · capex, % of revenue
2.2% · 47.3%, fading to 1.2× depreciation
FY26 2.2% · 47.3%
Working capital, % of added revenue · tax
27.5% · 23.3%
100 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 1.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹889 · ₹0 · ₹0 cr
FY26 net debt ₹889 cr
Shares
5.40 crore
5.40 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
2,826
3,109
3,420
3,762
4,138
4,552
growth %
10.2
10.0
10.0
10.0
10.0
10.0
EBITDA
587
647
711
782
861
947
Depreciation
(63)
(68)
(75)
(83)
(91)
(100)
NOPAT
402
444
488
537
590
649
less capex
(1,335)
(1,471)
(1,236)
(939)
(571)
(120)
less working-capital build
—
(78)
(85)
(94)
(103)
(114)
Free cash flow to firm
—
(1,036)
(758)
(414)
7
516
Present value
(984)
(648)
(319)
5
322
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 · INDIAN METALS & FERRO · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1,624)
PV of the terminal value (144% of EV)
5,354
Enterprise value
3,730
less net debt
(889)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,841
÷ 5.40 crore shares
₹527
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
561
660
779
924
1,105
10.5%
462
544
641
757
900
11.0%
377
446
527
622
736
11.5%
304
363
431
510
603
12.0%
240
291
349
416
493
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
