The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · MARSONS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MARSONS LIMITED Discounted cash flow · base FY26
MARSONS LIMITED
Value per share, this model₹55
CMP, 8 Oct 2026₹126.83
Difference(56.3)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of MARSONS LIMITED, 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 45.8% · 5-yr CAGR —%
EBITDA margin
17.2%
FY26 17.2% · 5-yr average (1703.3)%
Depreciation · capex, % of revenue
0.3% · 0.7%, fading to 1.2× depreciation
FY26 0.3% · 0.7%
Working capital, % of added revenue · tax
44.5% · -9.6%
163 working-capital days · effective (9.6)%
Discount rate
11.00%
1-yr beta 1.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
17.21 crore
17.21 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
245
319
415
539
701
911
growth %
45.8
30.0
30.0
30.0
30.0
30.0
EBITDA
42
55
71
93
121
157
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
46
59
77
100
130
169
less capex
(2)
(2)
(3)
(3)
(3)
(3)
less working-capital build
—
(33)
(43)
(55)
(72)
(94)
Free cash flow to firm
—
25
33
43
57
75
Present value
24
28
33
39
47
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 · MARSONS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
171
PV of the terminal value (82% of EV)
775
Enterprise value
947
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
954
÷ 17.21 crore shares
₹55
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
57
62
67
74
82
10.5%
53
56
61
66
73
11.0%
49
52
55
60
65
11.5%
45
48
51
55
59
12.0%
42
44
47
50
54
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
