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Model Note · MASTEK LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MASTEK LTD Discounted cash flow · base FY26
MASTEK LTD
Value per share, this model₹2,213
CMP 2026-09-10₹1,618.00
Difference36.8%
Growth the CMP implies(3.0)%/yr
This note states the assumptions and the arithmetic of one model of MASTEK 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
7% a year
FY26 7.0% · 5-yr CAGR 16.5%
EBITDA margin
15%
FY26 15.0% · 5-yr average 17.5%
Depreciation · capex, % of revenue
2% · 0.8%, fading to 1.2× depreciation
FY26 2.0% · 0.8%
Working capital, % of added revenue · tax
10.1% · 22.5%
37 working-capital days · effective 22.5%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(283) · ₹0 · ₹0 cr
FY26 net debt ₹(283) cr
Shares
3.10 crore
3.10 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
3,699
3,958
4,235
4,531
4,848
5,188
growth %
7.0
7.0
7.0
7.0
7.0
7.0
EBITDA
555
594
635
680
727
778
Depreciation
(73)
(79)
(85)
(91)
(97)
(104)
NOPAT
374
399
427
457
488
523
less capex
(28)
(32)
(51)
(72)
(97)
(125)
less working-capital build
—
(26)
(28)
(30)
(32)
(34)
Free cash flow to firm
—
420
433
445
456
468
Present value
399
370
343
317
292
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 · MASTEK LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,720
PV of the terminal value (74% of EV)
4,857
Enterprise value
6,577
less net debt
283
less non-controlling interest
0
add non-operating investments
0
Equity value
6,860
÷ 3.10 crore shares
₹2,213
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,282
2,438
2,625
2,854
3,140
10.5%
2,117
2,247
2,400
2,584
2,809
11.0%
1,976
2,085
2,213
2,363
2,544
11.5%
1,854
1,947
2,054
2,180
2,327
12.0%
1,747
1,827
1,919
2,024
2,147
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
