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Model Note · MANORAMA INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MANORAMA INDUSTRIES LTD Discounted cash flow · base FY26
MANORAMA INDUSTRIES LTD
Value per share, this model₹543
CMP 2026-09-10₹2,060.00
Difference(73.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MANORAMA INDUSTRIES 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
30% a year
FY26 77.3% · 5-yr CAGR —%
EBITDA margin
26.4%
FY26 26.4% · 5-yr average 25.3%
Depreciation · capex, % of revenue
1.9% · 4%, fading to 1.2× depreciation
FY26 1.9% · 4.0%
Working capital, % of added revenue · tax
51.2% · 27%
187 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹346 · ₹0 · ₹0 cr
FY26 net debt ₹346 cr
Shares
5.97 crore
5.97 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
1,367
1,777
2,310
3,003
3,904
5,075
growth %
77.3
30.0
30.0
30.0
30.0
30.0
EBITDA
361
469
610
793
1,031
1,340
Depreciation
(26)
(34)
(44)
(57)
(74)
(96)
NOPAT
245
318
413
537
698
908
less capex
(55)
(71)
(82)
(94)
(106)
(116)
less working-capital build
—
(210)
(273)
(355)
(461)
(600)
Free cash flow to firm
—
71
102
145
205
289
Present value
67
87
112
142
181
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 · MANORAMA INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
589
PV of the terminal value (84% of EV)
2,999
Enterprise value
3,587
less net debt
(346)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,241
÷ 5.97 crore shares
₹543
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
564
614
674
747
839
10.5%
512
553
602
661
733
11.0%
467
502
543
591
649
11.5%
428
458
493
533
580
12.0%
395
420
450
483
523
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
