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Model Note · MAHARASHTRA SEAMLESS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAHARASHTRA SEAMLESS LTD Discounted cash flow · base FY26
MAHARASHTRA SEAMLESS LTD
Value per share, this model₹407
CMP 2026-09-10₹730.00
Difference(44.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MAHARASHTRA SEAMLESS 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
-5% a year
FY26 (11.3)% · 5-yr CAGR 15.2%
EBITDA margin
14.5%
FY26 14.5% · 5-yr average 17.4%
Depreciation · capex, % of revenue
2.4% · 3.6%, fading to 1.2× depreciation
FY26 2.4% · 3.6%
Working capital, % of added revenue · tax
31.1% · 25%
113 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 0.77
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
13.40 crore
13.40 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
4,674
4,441
4,219
4,008
3,807
3,617
growth %
(11.3)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
678
644
612
581
552
524
Depreciation
(110)
(107)
(101)
(96)
(91)
(87)
NOPAT
426
403
383
364
346
328
less capex
(170)
(160)
(144)
(130)
(117)
(104)
less working-capital build
—
73
69
66
62
59
Free cash flow to firm
—
422
409
396
383
370
Present value
401
350
305
266
231
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 · MAHARASHTRA SEAMLESS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,552
PV of the terminal value (71% of EV)
3,843
Enterprise value
5,396
less net debt
63
less non-controlling interest
0
add non-operating investments
0
Equity value
5,459
÷ 13.40 crore shares
₹407
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
420
449
483
525
577
10.5%
390
414
442
475
517
11.0%
364
384
407
435
468
11.5%
342
359
378
401
428
12.0%
322
337
353
373
395
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
