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Model Note · M AND B ENGINEERING LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
M AND B ENGINEERING LTD Discounted cash flow · base FY26
M AND B ENGINEERING LTD
Value per share, this model₹217
CMP, 8 Oct 2026₹264.10
Difference(17.8)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of M AND B ENGINEERING 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 11.1%
Depreciation · capex, % of revenue
1.2% · 2.7%, fading to 1.2× depreciation
FY26 1.2% · 2.7%
Working capital, % of added revenue · tax
29.7% · 25%
109 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY26 net debt ₹(17) cr
Shares
5.71 crore
5.71 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
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
Depreciation
(15)
(16)
(18)
(19)
(21)
(22)
NOPAT
94
101
109
118
127
137
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
Present value
48
51
53
56
58
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 · M AND B ENGINEERING LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
265
PV of the terminal value (78% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
224
241
261
286
316
10.5%
207
221
237
257
281
11.0%
192
203
217
233
253
11.5%
179
189
200
214
229
12.0%
167
176
186
197
210
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
