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Model Note · MAGELLANIC CLOUD LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAGELLANIC CLOUD LIMITED Discounted cash flow · base FY26
MAGELLANIC CLOUD LIMITED
Value per share, this model₹31
CMP 2026-09-21₹25.23
Difference22.0%
Growth the CMP implies1.8%/yr
This note states the assumptions and the arithmetic of one model of MAGELLANIC CLOUD 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
17% a year
FY26 16.9% · 5-yr CAGR 26.9%
EBITDA margin
30.7%
FY26 30.7% · 5-yr average 25.2%
Depreciation · capex, % of revenue
7.3% · 0%, fading to 1.2× depreciation
FY26 7.3% · 0.0%
Working capital, % of added revenue · tax
42.8% · 27.6%
156 working-capital days · effective 27.6%
Discount rate
11.00%
1-yr beta 1.24
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹238 · ₹0 · ₹0 cr
FY26 net debt ₹238 cr
Shares
58.91 crore
58.91 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
698
817
955
1,118
1,308
1,530
growth %
16.9
17.0
17.0
17.0
17.0
17.0
EBITDA
214
251
293
343
401
470
Depreciation
(51)
(60)
(70)
(82)
(95)
(112)
NOPAT
118
138
162
189
222
259
less capex
0
0
(21)
(49)
(86)
(134)
less working-capital build
—
(51)
(59)
(70)
(81)
(95)
Free cash flow to firm
—
147
151
152
150
142
Present value
140
129
117
104
89
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 · MAGELLANIC CLOUD LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
579
PV of the terminal value (72% of EV)
1,472
Enterprise value
2,051
less net debt
(238)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,813
÷ 58.91 crore shares
₹31
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
32
34
37
41
46
10.5%
29
31
34
37
40
11.0%
27
29
31
33
36
11.5%
25
27
28
30
33
12.0%
23
25
26
28
30
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
