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Model Note · MAHINDRA & MAHINDRA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAHINDRA & MAHINDRA LTD Discounted cash flow · base FY26
MAHINDRA & MAHINDRA LTD
Value per share, this model₹5,351
CMP 2026-09-10₹3,107.00
Difference72.2%
Growth the CMP implies13.8%/yr
This note states the assumptions and the arithmetic of one model of MAHINDRA & MAHINDRA 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
25% a year
FY26 24.8% · 5-yr CAGR 21.7%
EBITDA margin
18.5%
FY26 18.5% · 5-yr average 18.0%
Depreciation · capex, % of revenue
3.7% · 4.8%, fading to 1.2× depreciation
FY26 3.7% · 4.8%
Working capital, % of added revenue · tax
0% · 28.3%
-12 working-capital days · effective 28.3%
Discount rate
11.00%
1-yr beta 1.45
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,25,322 · ₹0 · ₹0 cr
FY26 net debt ₹1,25,322 cr
Shares
120.24 crore
120.24 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
1,98,639
2,48,298
3,10,373
3,87,966
4,84,957
6,06,197
growth %
24.8
25.0
25.0
25.0
25.0
25.0
EBITDA
36,687
45,935
57,419
71,774
89,717
1,12,146
Depreciation
(7,322)
(9,187)
(11,484)
(14,355)
(17,943)
(22,429)
NOPAT
21,055
26,348
32,936
41,169
51,462
64,327
less capex
(9,605)
(11,918)
(14,619)
(17,924)
(21,969)
(26,915)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
23,617
29,801
37,600
47,437
59,841
Present value
22,416
25,483
28,966
32,922
37,415
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 · MAHINDRA & MAHINDRA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,47,201
PV of the terminal value (81% of EV)
6,21,476
Enterprise value
7,68,677
less net debt
(1,25,322)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,43,355
÷ 120.24 crore shares
₹5,351
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5,569
6,084
6,703
7,458
8,402
10.5%
5,031
5,459
5,965
6,572
7,313
11.0%
4,570
4,930
5,351
5,847
6,443
11.5%
4,172
4,478
4,832
5,245
5,733
12.0%
3,823
4,087
4,388
4,736
5,141
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
