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Model Note · MILKFOOD LTD. · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MILKFOOD LTD. Discounted cash flow · base FY25
MILKFOOD LTD.
Value per share, this model₹3
CMP, 28 Oct 2026₹90.99
Difference(96.8)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of MILKFOOD LTD., built on its filed FY25 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
2.5% a year
FY25 2.5% · 5-yr CAGR (4.1)%
EBITDA margin
5.3%
FY25 5.3% · 5-yr average 4.9%
Depreciation · capex, % of revenue
1.6% · 0.9%, fading to 1.2× depreciation
FY25 1.6% · 0.9%
Working capital, % of added revenue · tax
14.2% · 40.4%
52 working-capital days · effective 40.4%
Discount rate
11.00%
1-yr beta —
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹113 · ₹0 · ₹0 cr
FY25 net debt ₹113 cr
Shares
2.44 crore
2.44 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
448
459
470
482
494
507
growth %
2.5
2.5
2.5
2.5
2.5
2.5
EBITDA
24
24
25
26
26
27
Depreciation
(7)
(7)
(8)
(8)
(8)
(8)
NOPAT
10
10
10
11
11
11
less capex
(4)
(4)
(5)
(7)
(8)
(10)
less working-capital build
—
(2)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
12
11
10
9
8
Present value
11
9
8
6
5
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 · MILKFOOD LTD. · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
39
PV of the terminal value (67% of EV)
81
Enterprise value
120
less net debt
(113)
less non-controlling interest
0
add non-operating investments
0
Equity value
7
÷ 2.44 crore shares
₹3
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4
8
12
17
23
10.5%
1
4
7
11
16
11.0%
(2)
0
3
6
10
11.5%
(5)
(3)
(1)
2
5
12.0%
(7)
(5)
(3)
(1)
1
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
