The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · Macfos Limited · 6 November 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Macfos Limited Discounted cash flow · base FY26
Macfos Limited
Value per share, this model₹383
CMP, 6 Nov 2026₹1,071.00
Difference(64.2)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of Macfos 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
21% a year
FY26 21.1% · 5-yr CAGR —%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 10.7%
Depreciation · capex, % of revenue
0% · 0.8%, fading to 1.2× depreciation
FY26 0.0% · 0.8%
Working capital, % of added revenue · tax
25.8% · 25.4%
94 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
1.04 crore
1.04 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
309
374
452
547
662
801
growth %
21.1
21.0
21.0
21.0
21.0
21.0
EBITDA
35
42
51
61
74
90
Depreciation
0
0
0
0
0
0
NOPAT
26
31
38
46
55
67
less capex
(3)
(3)
(3)
(2)
(1)
0
less working-capital build
—
(17)
(20)
(24)
(30)
(36)
Free cash flow to firm
—
11
15
19
24
31
Present value
11
13
15
17
19
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 · Macfos Limited · 6 November 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
75
PV of the terminal value (81% of EV)
323
Enterprise value
397
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
397
÷ 1.04 crore shares
₹383
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
396
428
465
510
567
10.5%
364
390
420
457
502
11.0%
336
358
383
413
449
11.5%
312
331
352
377
406
12.0%
291
307
325
346
371
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
