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Model Note · MAN INDUSTRIES (I) LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAN INDUSTRIES (I) LTD. Discounted cash flow · base FY26
MAN INDUSTRIES (I) LTD.
Value per share, this model₹349
CMP 2026-09-10₹868.00
Difference(59.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MAN INDUSTRIES (I) 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
1.5% a year
FY26 1.7% · 5-yr CAGR 11.4%
EBITDA margin
12.3%
FY26 12.3% · 5-yr average 8.6%
Depreciation · capex, % of revenue
2.2% · 9.5%, fading to 1.2× depreciation
FY26 2.2% · 9.5%
Working capital, % of added revenue · tax
30.1% · 28%
110 working-capital days · effective 28.0%
Discount rate
11.00%
1-yr beta 1.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹310 · ₹0 · ₹0 cr
FY26 net debt ₹310 cr
Shares
7.50 crore
7.50 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
3,564
3,617
3,672
3,727
3,783
3,839
growth %
1.7
1.5
1.5
1.5
1.5
1.5
EBITDA
439
445
452
458
465
472
Depreciation
(79)
(80)
(81)
(82)
(83)
(84)
NOPAT
259
263
267
271
275
279
less capex
(340)
(344)
(286)
(226)
(165)
(101)
less working-capital build
—
(16)
(16)
(17)
(17)
(17)
Free cash flow to firm
—
(17)
46
110
177
245
Present value
(16)
39
85
123
153
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 · MAN INDUSTRIES (I) LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
384
PV of the terminal value (87% of EV)
2,547
Enterprise value
2,930
less net debt
(310)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,620
÷ 7.50 crore shares
₹349
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
363
397
438
487
550
10.5%
328
356
390
429
478
11.0%
298
322
349
382
421
11.5%
272
292
315
343
375
12.0%
249
267
286
309
336
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
