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Model Note · MASTER TRUST LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MASTER TRUST LIMITED Discounted cash flow · base FY26
MASTER TRUST LIMITED
Value per share, this model₹190
CMP 2026-09-10₹90.00
Difference111.6%
Growth the CMP implies(18.7)%/yr
This note states the assumptions and the arithmetic of one model of MASTER TRUST 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
-1.5% a year
FY26 (1.4)% · 5-yr CAGR 20.7%
EBITDA margin
41%
FY26 41.0% · 5-yr average 38.3%
Depreciation · capex, % of revenue
0.8% · 0.6%, fading to 1.2× depreciation
FY26 0.8% · 0.6%
Working capital, % of added revenue · tax
1.5% · 26.9%
5 working-capital days · effective 26.9%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(88) · ₹0 · ₹0 cr
FY26 net debt ₹(88) cr
Shares
12.30 crore
12.30 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
576
567
559
550
542
534
growth %
(1.4)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
236
233
229
226
222
219
Depreciation
(4)
(5)
(4)
(4)
(4)
(4)
NOPAT
169
167
164
162
159
157
less capex
(3)
(3)
(4)
(4)
(5)
(5)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
168
165
162
159
156
Present value
159
141
125
110
98
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 · MASTER TRUST LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
633
PV of the terminal value (72% of EV)
1,622
Enterprise value
2,255
less net debt
88
less non-controlling interest
0
add non-operating investments
0
Equity value
2,343
÷ 12.30 crore shares
₹190
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
196
209
225
244
269
10.5%
182
193
206
222
241
11.0%
171
180
190
203
218
11.5%
160
168
177
188
200
12.0%
151
158
166
175
185
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
