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Model Note · MINDTECK (INDIA) LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MINDTECK (INDIA) LIMITED Discounted cash flow · base FY26
MINDTECK (INDIA) LIMITED
Value per share, this model₹125
CMP 2026-09-10₹159.00
Difference(21.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MINDTECK (INDIA) 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
-4% a year
FY26 (4.0)% · 5-yr CAGR 7.3%
EBITDA margin
8.5%
FY26 8.5% · 5-yr average 9.2%
Depreciation · capex, % of revenue
1.1% · 0.1%, fading to 1.2× depreciation
FY26 1.1% · 0.1%
Working capital, % of added revenue · tax
22.9% · 19.1%
84 working-capital days · effective 19.1%
Discount rate
11.00%
1-yr beta 1.63
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(62) · ₹0 · ₹0 cr
FY26 net debt ₹(62) cr
Shares
3.20 crore
3.20 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
407
391
375
360
346
332
growth %
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
EBITDA
35
33
32
31
29
28
Depreciation
(5)
(4)
(4)
(4)
(4)
(4)
NOPAT
24
23
22
22
21
20
less capex
(1)
(0)
(2)
(3)
(4)
(4)
less working-capital build
—
4
4
3
3
3
Free cash flow to firm
—
31
29
26
24
22
Present value
29
25
20
17
14
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 · MINDTECK (INDIA) LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
105
PV of the terminal value (69% of EV)
232
Enterprise value
337
less net debt
62
less non-controlling interest
0
add non-operating investments
0
Equity value
399
÷ 3.20 crore shares
₹125
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
128
135
144
155
168
10.5%
120
126
134
142
153
11.0%
114
119
125
132
140
11.5%
108
113
117
123
130
12.0%
103
107
111
116
122
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
