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Model Note · MINDA CORPORATION LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MINDA CORPORATION LTD Discounted cash flow · base FY26
MINDA CORPORATION LTD
Value per share, this model₹243
CMP 2026-09-10₹707.00
Difference(65.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MINDA CORPORATION LTD, 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
22.5% a year
FY26 22.3% · 5-yr CAGR 21.2%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 11.2%
Depreciation · capex, % of revenue
3.7% · 6.4%, fading to 1.2× depreciation
FY26 3.7% · 6.4%
Working capital, % of added revenue · tax
9.1% · 27.7%
33 working-capital days · effective 27.7%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,109 · ₹0 · ₹0 cr
FY26 net debt ₹1,109 cr
Shares
23.91 crore
23.91 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
6,185
7,577
9,282
11,370
13,929
17,063
growth %
22.3
22.5
22.5
22.5
22.5
22.5
EBITDA
720
879
1,077
1,319
1,616
1,979
Depreciation
(230)
(280)
(343)
(421)
(515)
(631)
NOPAT
354
433
530
649
796
975
less capex
(394)
(485)
(549)
(616)
(687)
(758)
less working-capital build
—
(127)
(155)
(190)
(233)
(285)
Free cash flow to firm
—
102
170
264
391
563
Present value
96
145
203
272
352
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 · MINDA CORPORATION LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,069
PV of the terminal value (85% of EV)
5,848
Enterprise value
6,917
less net debt
(1,109)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,808
÷ 23.91 crore shares
₹243
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
253
277
307
342
387
10.5%
228
248
272
301
336
11.0%
206
223
243
266
295
11.5%
187
202
218
238
261
12.0%
171
183
198
214
233
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
