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Model Note · MIDWEST LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MIDWEST LIMITED Discounted cash flow · base FY26
MIDWEST LIMITED
Value per share, this model₹380
CMP 2026-09-10₹1,007.00
Difference(62.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MIDWEST 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
27%
FY26 27.0% · 5-yr average 27.0%
Depreciation · capex, % of revenue
4.8% · 20.1%, fading to 1.2× depreciation
FY26 4.8% · 20.1%
Working capital, % of added revenue · tax
30.9% · 25.9%
113 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹108 · ₹0 · ₹0 cr
FY26 net debt ₹108 cr
Shares
3.62 crore
3.62 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
646
697
753
813
878
949
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
174
188
203
220
237
256
Depreciation
(31)
(33)
(36)
(39)
(42)
(46)
NOPAT
106
115
124
134
144
156
less capex
(130)
(140)
(124)
(105)
(82)
(55)
less working-capital build
—
(16)
(17)
(19)
(20)
(22)
Free cash flow to firm
—
(8)
18
49
84
125
Present value
(8)
16
38
59
78
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 · MIDWEST LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
183
PV of the terminal value (88% of EV)
1,301
Enterprise value
1,483
less net debt
(108)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,375
÷ 3.62 crore shares
₹380
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
395
431
474
527
592
10.5%
358
388
423
465
517
11.0%
326
351
380
415
456
11.5%
299
320
345
373
407
12.0%
275
293
314
338
366
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
