Models
MANGALAM WORLDWIDE LTDMWLIndustrial Products
₹37per 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₹37implied FY26 P/E 2.1× · EV/EBITDA 3.8×
Against CMP ₹41.76−10.7%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3186%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
₹8₹96
52-week rangetraded range, a fact not a value
₹35₹44
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 46 |
| PV of terminal value | 296 |
| Enterprise value | 343 |
| less net debt | (232) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 111 |
| ÷ 2.97 crore shares | ₹37 |
86% 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% | 41 | 51 | 63 | 78 | 96 |
| 10.50% | 31 | 39 | 49 | 61 | 75 |
| 11.00% | 22 | 29 | 37 | 47 | 58 |
| 11.50% | 15 | 20 | 27 | 35 | 45 |
| 12.00% | 8 | 13 | 19 | 26 | 33 |
The outlined cell is your model. Green figures sit above the CMP of ₹41.76; 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 | (109) · 36 · 153 |
| Draws below the CMP | 52% |
| Rank correlation with revenue growth | −0.79 |
| Rank correlation with ebitda margin | +0.59 |
| Rank correlation with discount rate | −0.11 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,061 | 1,208 | 1,377 | 1,570 | 1,790 | 2,040 | 2,326 |
| growth % | — | 13.9 | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 |
| EBITDA | 57 | 91 | 103 | 118 | 134 | 153 | 174 |
| margin % | 5.3 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| less depreciation | (9) | (10) | (11) | (13) | (14) | (16) | (19) |
| EBIT | 48 | 81 | 92 | 105 | 120 | 137 | 156 |
| less tax on EBIT | (1) | (1) | (1) | (2) | (2) | (2) | |
| NOPAT | 80 | 91 | 104 | 118 | 135 | 154 | |
| add depreciation | 9 | 10 | 11 | 13 | 14 | 16 | 19 |
| less capex | 0 | (26) | (29) | (28) | (27) | (25) | (22) |
| less working-capital build | — | (72) | (82) | (93) | (106) | (121) | |
| Free cash flow to firm | (87) | — | 1 | 6 | 12 | 19 | 29 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 1 | 5 | 9 | 13 | 18 |
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 233, dividends at 1.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 81 | 92 | 105 | 120 | 137 | 156 |
| Interest at 17.4% on debt | (41) | (41) | (41) | (41) | (41) | |
| Profit before tax | 52 | 65 | 79 | 96 | 115 | |
| Profit after tax | 50 | 51 | 64 | 78 | 95 | 114 |
| Dividends | (1) | (1) | (1) | (1) | (1) | (1) |
| Balance sheet, year end | ||||||
| Cash | 1 | (38) | (73) | (102) | (124) | (137) |
| Working capital | 513 | 585 | 667 | 761 | 867 | 988 |
| Net block and other assets | 414 | 432 | 448 | 461 | 470 | 474 |
| Debt | 233 | 233 | 233 | 233 | 233 | 233 |
| Equity | 305 | 356 | 419 | 496 | 590 | 702 |
| Balance check | 0 | (0) | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | (10) | (6) | (1) | 5 | 11 | |
| Investing (capex) | (29) | (28) | (27) | (25) | (22) | |
| Financing (dividends) | (1) | (1) | (1) | (1) | (1) | |
| Net change in cash | (39) | (35) | (29) | (22) | (13) | |
| Free cash flow to equity | (39) | (34) | (28) | (21) | (11) | |
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 | 14% | 7.5% | 11.00% | 5% | ₹37 | (10.7)% |
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.