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Model Note · MALLCOM (INDIA) LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MALLCOM (INDIA) LIMITED Discounted cash flow · base FY26
MALLCOM (INDIA) LIMITED
Value per share, this model₹286
CMP 2026-09-10₹954.00
Difference(70.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MALLCOM (INDIA) 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
11% a year
FY26 10.9% · 5-yr CAGR 11.2%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 13.1%
Depreciation · capex, % of revenue
2.3% · 6.3%, fading to 1.2× depreciation
FY26 2.3% · 6.3%
Working capital, % of added revenue · tax
33.4% · 26%
122 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹117 · ₹0 · ₹0 cr
FY26 net debt ₹117 cr
Shares
0.62 crore
0.62 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
540
599
665
738
819
909
growth %
10.9
11.0
11.0
11.0
11.0
11.0
EBITDA
60
67
74
83
92
102
Depreciation
(12)
(14)
(15)
(17)
(19)
(21)
NOPAT
36
39
44
49
54
60
less capex
(34)
(38)
(36)
(33)
(30)
(25)
less working-capital build
—
(20)
(22)
(24)
(27)
(30)
Free cash flow to firm
—
(4)
1
8
16
26
Present value
(4)
1
6
11
16
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 · MALLCOM (INDIA) LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
30
PV of the terminal value (90% of EV)
266
Enterprise value
296
less net debt
(117)
less non-controlling interest
0
add non-operating investments
0
Equity value
179
÷ 0.62 crore shares
₹286
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
304
346
397
459
537
10.5%
260
295
337
387
448
11.0%
222
252
286
327
376
11.5%
189
215
244
278
318
12.0%
161
183
208
236
270
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
