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Model Note · MAZDA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAZDA LIMITED Discounted cash flow · base FY26
MAZDA LIMITED
Value per share, this model₹116
CMP 2026-09-10₹254.65
Difference(54.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MAZDA 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
9.5% a year
FY26 9.7% · 5-yr CAGR 6.8%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 17.1%
Depreciation · capex, % of revenue
2% · 2%, fading to 1.2× depreciation
FY26 2.0% · 2.0%
Working capital, % of added revenue · tax
63.7% · 24.3%
233 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 1.4
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
2.00 crore
2.00 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
212
232
254
278
305
334
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
34
38
41
45
50
54
Depreciation
(4)
(5)
(5)
(6)
(6)
(7)
NOPAT
23
25
28
30
33
36
less capex
(4)
(5)
(5)
(6)
(7)
(8)
less working-capital build
—
(13)
(14)
(15)
(17)
(18)
Free cash flow to firm
—
12
13
14
15
16
Present value
12
11
11
11
10
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 · MAZDA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
55
PV of the terminal value (76% of EV)
170
Enterprise value
225
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
232
÷ 2.00 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
119
128
138
150
166
10.5%
110
117
126
136
148
11.0%
103
109
116
124
134
11.5%
96
101
107
114
122
12.0%
90
95
100
105
112
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
