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Model Note · MERCURY EV-TECH LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MERCURY EV-TECH LIMITED Discounted cash flow · base FY26
MERCURY EV-TECH LIMITED
Value per share, this model₹(20)
CMP, 8 Oct 2026₹36.39
Difference(156.1)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of MERCURY EV-TECH 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
14% a year
FY26 13.9% · 5-yr CAGR —%
EBITDA margin
5.1%
FY26 5.1% · 5-yr average 9.4%
Depreciation · capex, % of revenue
3.6% · 23.2%, fading to 1.2× depreciation
FY26 3.6% · 23.2%
Working capital, % of added revenue · tax
100.1% · 33.4%
365 working-capital days · effective 33.4%
Discount rate
11.00%
1-yr beta 0.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹19 · ₹0 · ₹0 cr
FY26 net debt ₹19 cr
Shares
19.00 crore
19.00 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
102
116
133
151
172
197
growth %
13.9
14.0
14.0
14.0
14.0
14.0
EBITDA
5
6
7
8
9
10
Depreciation
(4)
(4)
(5)
(5)
(6)
(7)
NOPAT
1
1
1
2
2
2
less capex
(24)
(27)
(25)
(21)
(16)
(8)
less working-capital build
—
(14)
(16)
(19)
(21)
(24)
Free cash flow to firm
—
(36)
(35)
(32)
(29)
(24)
Present value
(34)
(30)
(25)
(20)
(15)
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 · MERCURY EV-TECH LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(124)
PV of the terminal value (—% of EV)
(245)
Enterprise value
(369)
less net debt
(19)
less non-controlling interest
0
add non-operating investments
0
Equity value
(388)
÷ 19.00 crore shares
₹(20)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(21)
(22)
(24)
(26)
(28)
10.5%
(20)
(21)
(22)
(23)
(25)
11.0%
(18)
(19)
(20)
(22)
(23)
11.5%
(17)
(18)
(19)
(20)
(21)
12.0%
(17)
(17)
(18)
(19)
(20)
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
