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Model Note · MAYUR UNIQUOTERS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAYUR UNIQUOTERS LTD Discounted cash flow · base FY26
MAYUR UNIQUOTERS LTD
Value per share, this model₹586
CMP 2026-09-10₹742.50
Difference(21.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MAYUR UNIQUOTERS 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
10% a year
FY26 9.9% · 5-yr CAGR 13.5%
EBITDA margin
24.3%
FY26 24.3% · 5-yr average 20.6%
Depreciation · capex, % of revenue
3% · 2.5%, fading to 1.2× depreciation
FY26 3.0% · 2.5%
Working capital, % of added revenue · tax
39.4% · 26%
144 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(73) · ₹0 · ₹0 cr
FY26 net debt ₹(73) cr
Shares
4.35 crore
4.35 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
967
1,064
1,170
1,287
1,416
1,557
growth %
9.9
10.0
10.0
10.0
10.0
10.0
EBITDA
235
258
284
313
344
378
Depreciation
(29)
(32)
(35)
(39)
(42)
(47)
NOPAT
152
168
184
203
223
245
less capex
(24)
(27)
(32)
(39)
(47)
(56)
less working-capital build
—
(38)
(42)
(46)
(51)
(56)
Free cash flow to firm
—
135
145
156
168
180
Present value
128
124
120
116
113
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 · MAYUR UNIQUOTERS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
602
PV of the terminal value (76% of EV)
1,873
Enterprise value
2,475
less net debt
73
less non-controlling interest
0
add non-operating investments
0
Equity value
2,548
÷ 4.35 crore shares
₹586
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
605
648
700
763
841
10.5%
560
596
638
688
750
11.0%
521
551
586
628
677
11.5%
488
513
543
577
618
12.0%
458
480
506
535
568
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
