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Model Note · MAESTROS ELECTRONICS & TELECOM · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAESTROS ELECTRONICS & TELECOM Discounted cash flow · base FY26
MAESTROS ELECTRONICS & TELECOM
Value per share, this model₹266
CMP 2026-09-10₹162.70
Difference63.4%
Growth the CMP implies7.0%/yr
This note states the assumptions and the arithmetic of one model of MAESTROS ELECTRONICS & TELECOM, 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
30% a year
FY26 36.4% · 5-yr CAGR —%
EBITDA margin
18.3%
FY26 18.3% · 5-yr average 16.2%
Depreciation · capex, % of revenue
1.2% · 1.7%, fading to 1.2× depreciation
FY26 1.2% · 1.7%
Working capital, % of added revenue · tax
24.2% · 19.5%
88 working-capital days · effective 19.5%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.55 crore
0.55 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
39
51
67
87
113
146
growth %
36.4
30.0
30.0
30.0
30.0
30.0
EBITDA
7
9
12
16
21
27
Depreciation
(0)
(1)
(1)
(1)
(1)
(2)
NOPAT
5
7
9
12
16
20
less capex
(1)
(1)
(1)
(1)
(2)
(2)
less working-capital build
—
(3)
(4)
(5)
(6)
(8)
Free cash flow to firm
—
4
5
7
9
12
Present value
4
4
5
6
7
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 · MAESTROS ELECTRONICS & TELECOM · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
27
PV of the terminal value (82% of EV)
121
Enterprise value
148
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
147
÷ 0.55 crore shares
₹266
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
275
297
323
355
395
10.5%
252
270
292
318
349
11.0%
233
248
266
287
312
11.5%
216
229
244
261
282
12.0%
201
212
225
240
257
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
