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Model Note · METRO BRANDS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
METRO BRANDS LIMITED Discounted cash flow · base FY26
METRO BRANDS LIMITED
Value per share, this model₹283
CMP 2026-09-10₹941.90
Difference(70.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of METRO BRANDS 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 14.2% · 5-yr CAGR —%
EBITDA margin
30.3%
FY26 30.3% · 5-yr average 30.5%
Depreciation · capex, % of revenue
10.9% · 4.9%, fading to 1.2× depreciation
FY26 10.9% · 4.9%
Working capital, % of added revenue · tax
23.7% · 24.6%
86 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(33) · ₹0 · ₹0 cr
FY26 net debt ₹(33) cr
Shares
27.26 crore
27.26 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
2,864
3,265
3,722
4,243
4,837
5,514
growth %
14.2
14.0
14.0
14.0
14.0
14.0
EBITDA
867
989
1,128
1,286
1,465
1,671
Depreciation
(311)
(356)
(406)
(462)
(527)
(601)
NOPAT
420
478
544
621
707
807
less capex
(139)
(160)
(258)
(381)
(534)
(721)
less working-capital build
—
(95)
(108)
(123)
(141)
(160)
Free cash flow to firm
—
578
583
578
560
526
Present value
549
499
445
389
329
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 · METRO BRANDS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,211
PV of the terminal value (71% of EV)
5,461
Enterprise value
7,672
less net debt
33
less non-controlling interest
0
add non-operating investments
0
Equity value
7,705
÷ 27.26 crore shares
₹283
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
292
312
336
365
401
10.5%
271
287
307
330
359
11.0%
252
266
283
302
325
11.5%
237
249
262
278
297
12.0%
223
233
245
258
274
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
