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Model Note · MANGAL ELECTRICAL IND L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MANGAL ELECTRICAL IND L Discounted cash flow · base FY26
MANGAL ELECTRICAL IND L
Value per share, this model₹98
CMP 2026-09-10₹281.20
Difference(65.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MANGAL ELECTRICAL IND L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
11.8%
FY26 11.8% · 5-yr average 11.8%
Depreciation · capex, % of revenue
1% · 6.4%, fading to 1.2× depreciation
FY26 1.0% · 6.4%
Working capital, % of added revenue · tax
61% · 25.7%
223 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 1.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹40 · ₹0 · ₹0 cr
FY26 net debt ₹40 cr
Shares
2.77 crore
2.77 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
580
626
676
730
789
852
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
68
74
80
86
93
101
Depreciation
(6)
(6)
(7)
(7)
(8)
(9)
NOPAT
46
50
54
59
63
68
less capex
(37)
(40)
(34)
(28)
(20)
(10)
less working-capital build
—
(28)
(31)
(33)
(36)
(38)
Free cash flow to firm
—
(12)
(4)
5
16
28
Present value
(11)
(3)
4
11
18
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 · MANGAL ELECTRICAL IND L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
18
PV of the terminal value (94% of EV)
292
Enterprise value
310
less net debt
(40)
less non-controlling interest
0
add non-operating investments
0
Equity value
270
÷ 2.77 crore shares
₹98
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
102
113
125
141
160
10.5%
91
100
110
123
138
11.0%
82
89
98
108
120
11.5%
74
80
87
96
106
12.0%
67
72
78
85
94
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
