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Model Note · LMW LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LMW LIMITED Discounted cash flow · base FY26
LMW LIMITED
Value per share, this model₹343
CMP 2026-09-10₹17,845.00
Difference(98.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LMW LIMITED, 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
6.5% a year
FY26 6.5% · 5-yr CAGR 13.2%
EBITDA margin
4.9%
FY26 4.9% · 5-yr average 7.1%
Depreciation · capex, % of revenue
3.7% · 2.3%, fading to 1.2× depreciation
FY26 3.7% · 2.3%
Working capital, % of added revenue · tax
7.3% · 28.1%
27 working-capital days · effective 28.1%
Discount rate
11.00%
1-yr beta 1.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(395) · ₹0 · ₹0 cr
FY26 net debt ₹(395) cr
Shares
1.07 crore
1.07 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
3,207
3,416
3,638
3,874
4,126
4,394
growth %
6.5
6.5
6.5
6.5
6.5
6.5
EBITDA
156
167
178
190
202
215
Depreciation
(120)
(126)
(135)
(143)
(153)
(163)
NOPAT
26
29
31
33
36
38
less capex
(74)
(79)
(103)
(131)
(161)
(195)
less working-capital build
—
(15)
(16)
(17)
(18)
(20)
Free cash flow to firm
—
62
47
29
9
(14)
Present value
59
40
22
6
(9)
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 · LMW LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
118
PV of the terminal value (—% of EV)
(147)
Enterprise value
(29)
less net debt
395
less non-controlling interest
0
add non-operating investments
0
Equity value
366
÷ 1.07 crore shares
₹343
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
339
325
309
288
263
10.5%
352
341
327
311
291
11.0%
364
354
343
329
314
11.5%
373
365
356
345
332
12.0%
382
375
367
357
346
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
