Models
M AND B ENGINEERING LTDMBELConstruction
₹217per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹217implied FY26 P/E 12.7× · EV/EBITDA 8.7×
Against CMP ₹264.10−17.8%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3178%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹167₹316
52-week rangetraded range, a fact not a value
₹223₹536
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 265 |
| PV of terminal value | 958 |
| Enterprise value | 1,224 |
| less net debt | 17 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,241 |
| ÷ 5.71 crore shares | ₹217 |
78% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 224 | 241 | 261 | 286 | 316 |
| 10.50% | 207 | 221 | 237 | 257 | 281 |
| 11.00% | 192 | 203 | 217 | 233 | 253 |
| 11.50% | 179 | 189 | 200 | 214 | 229 |
| 12.00% | 167 | 176 | 186 | 197 | 210 |
The outlined cell is your model. Green figures sit above the CMP of ₹264.10; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 173 · 215 · 263 |
| Draws below the CMP | 90% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with discount rate | −0.55 |
| Rank correlation with revenue growth | −0.11 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,260 | 1,360 | 1,469 | 1,587 | 1,714 | 1,851 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 140 | 151 | 163 | 176 | 190 | 205 |
| margin % | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 |
| less depreciation | (15) | (16) | (18) | (19) | (21) | (22) |
| EBIT | 125 | 135 | 145 | 157 | 170 | 183 |
| less tax on EBIT | (31) | (34) | (36) | (39) | (42) | (46) |
| NOPAT | 94 | 101 | 109 | 118 | 127 | 137 |
| add depreciation | 15 | 16 | 18 | 19 | 21 | 22 |
| less capex | (33) | (37) | (35) | (33) | (30) | (27) |
| less working-capital build | — | (30) | (32) | (35) | (38) | (41) |
| Free cash flow to firm | — | 51 | 59 | 69 | 80 | 92 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 48 | 51 | 53 | 56 | 58 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 79, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 125 | 135 | 145 | 157 | 170 | 183 |
| Interest at 8% on debt | (6) | (6) | (6) | (6) | (6) | |
| Profit before tax | 128 | 139 | 151 | 163 | 177 | |
| Profit after tax | 93 | 96 | 104 | 113 | 123 | 133 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 96 | 142 | 196 | 261 | 336 | 424 |
| Working capital | 374 | 404 | 437 | 472 | 509 | 550 |
| Net block and other assets | 690 | 711 | 728 | 742 | 752 | 756 |
| Debt | 79 | 79 | 79 | 79 | 79 | 79 |
| Equity | 657 | 753 | 858 | 971 | 1,093 | 1,226 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 83 | 90 | 97 | 105 | 114 | |
| Investing (capex) | (37) | (35) | (33) | (30) | (27) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 46 | 55 | 64 | 75 | 88 | |
| Free cash flow to equity | 46 | 55 | 64 | 75 | 88 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 8% | 11.1% | 11.00% | 5% | ₹217 | (17.8)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.