Models
MAN COAT METAL & IND LTDMANAKCOATIndustrial Products
₹51per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹51implied FY26 P/E 12.2× · EV/EBITDA 8.2×
Against CMP ₹128.80−60.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3188%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹35₹83
52-week rangetraded range, a fact not a value
₹94₹183
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 78 |
| PV of terminal value | 577 |
| Enterprise value | 656 |
| less net debt | (114) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 542 |
| ÷ 10.66 crore shares | ₹51 |
88% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 53 | 58 | 65 | 73 | 83 |
| 10.50% | 47 | 52 | 57 | 64 | 71 |
| 11.00% | 43 | 46 | 51 | 56 | 62 |
| 11.50% | 39 | 42 | 45 | 50 | 55 |
| 12.00% | 35 | 38 | 41 | 44 | 49 |
The outlined cell is your model. Green figures sit above the CMP of ₹128.80; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 34 · 50 · 67 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.84 |
| Rank correlation with discount rate | −0.48 |
| Rank correlation with revenue growth | −0.18 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 652 | 740 | 782 | 884 | 999 | 1,129 | 1,276 | 1,442 | 1,630 |
| growth % | 0.6 | 13.5 | 5.7 | 13.2 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 |
| EBITDA | 37 | 50 | 55 | 80 | 91 | 103 | 116 | 131 | 148 |
| margin % | 5.7 | 6.8 | 7.0 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 |
| less depreciation | (9) | (9) | (9) | (9) | (10) | (11) | (13) | (14) | (16) |
| EBIT | 28 | 41 | 46 | 71 | 81 | 91 | 103 | 117 | 132 |
| less tax on EBIT | (17) | (20) | (22) | (25) | (28) | (32) | |||
| NOPAT | 54 | 61 | 69 | 78 | 88 | 100 | |||
| add depreciation | 9 | 9 | 9 | 9 | 10 | 11 | 13 | 14 | 16 |
| less capex | (11) | (8) | (22) | (43) | (49) | (45) | (39) | (31) | (20) |
| less working-capital build | — | (25) | (28) | (32) | (36) | (41) | |||
| Free cash flow to firm | (3) | 14 | 8 | — | (3) | 7 | 20 | 36 | 56 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (3) | 6 | 15 | 25 | 35 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 115, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 71 | 81 | 91 | 103 | 117 | 132 |
| Interest at 8% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | 72 | 82 | 94 | 108 | 123 | |
| Profit after tax | 0 | 54 | 62 | 71 | 81 | 93 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | (9) | (8) | 5 | 33 | 82 |
| Working capital | 194 | 219 | 247 | 279 | 316 | 357 |
| Net block and other assets | 560 | 599 | 633 | 659 | 675 | 678 |
| Debt | 115 | 115 | 115 | 115 | 115 | 115 |
| Equity | 349 | 403 | 466 | 537 | 618 | 711 |
| Balance check | 0 | (0) | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 39 | 45 | 52 | 60 | 68 | |
| Investing (capex) | (49) | (45) | (39) | (31) | (20) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (10) | 0 | 13 | 29 | 49 | |
| Free cash flow to equity | (10) | 0 | 13 | 29 | 49 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 13% | 9.1% | 11.00% | 5% | ₹51 | (60.5)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.