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Model Note · MAFATLAL INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAFATLAL INDUSTRIES LTD. Discounted cash flow · base FY26
MAFATLAL INDUSTRIES LTD.
Value per share, this model₹287
CMP 2026-09-10₹122.56
Difference134.3%
Growth the CMP implies(4.4)%/yr
This note states the assumptions and the arithmetic of one model of MAFATLAL INDUSTRIES 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
30% a year
FY26 37.9% · 5-yr CAGR 45.1%
EBITDA margin
2.3%
FY26 2.3% · 5-yr average 1.8%
Depreciation · capex, % of revenue
0.4% · 0.6%, fading to 1.2× depreciation
FY26 0.4% · 0.6%
Working capital, % of added revenue · tax
2.6% · 5.9%
10 working-capital days · effective 5.9%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(63) · ₹0 · ₹0 cr
FY26 net debt ₹(63) cr
Shares
7.22 crore
7.22 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
3,871
5,032
6,542
8,505
11,056
14,373
growth %
37.9
30.0
30.0
30.0
30.0
30.0
EBITDA
89
116
150
196
254
331
Depreciation
(17)
(20)
(26)
(34)
(44)
(57)
NOPAT
67
90
117
152
198
257
less capex
(24)
(30)
(37)
(46)
(56)
(69)
less working-capital build
—
(30)
(39)
(51)
(66)
(86)
Free cash flow to firm
—
50
67
89
119
159
Present value
47
57
69
83
100
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 · MAFATLAL INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
355
PV of the terminal value (82% of EV)
1,654
Enterprise value
2,009
less net debt
63
less non-controlling interest
0
add non-operating investments
0
Equity value
2,072
÷ 7.22 crore shares
₹287
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
297
320
347
381
422
10.5%
273
292
314
341
374
11.0%
253
269
287
309
336
11.5%
235
248
264
282
304
12.0%
220
231
245
260
278
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
