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Model Note · MITCON CON & ENG SER LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MITCON CON & ENG SER LTD Discounted cash flow · base FY26
MITCON CON & ENG SER LTD
Value per share, this model₹75
CMP, 9 Oct 2026₹75.51
Difference(0.6)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of MITCON CON & ENG SER 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
11.5% a year
FY26 11.5% · 5-yr CAGR —%
EBITDA margin
24.6%
FY26 24.6% · 5-yr average 21.4%
Depreciation · capex, % of revenue
7.8% · 2.8%, fading to 1.2× depreciation
FY26 7.8% · 2.8%
Working capital, % of added revenue · tax
43.7% · 25.2%
160 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹81 · ₹0 · ₹0 cr
FY26 net debt ₹81 cr
Shares
1.74 crore
1.74 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
126
140
156
174
194
217
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
31
34
38
43
48
53
Depreciation
(10)
(11)
(12)
(14)
(15)
(17)
NOPAT
16
18
20
22
24
27
less capex
(4)
(4)
(7)
(11)
(15)
(20)
less working-capital build
—
(6)
(7)
(8)
(9)
(10)
Free cash flow to firm
—
18
18
17
16
14
Present value
17
15
13
11
9
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 · MITCON CON & ENG SER LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
66
PV of the terminal value (69% of EV)
146
Enterprise value
212
less net debt
(81)
less non-controlling interest
0
add non-operating investments
0
Equity value
131
÷ 1.74 crore shares
₹75
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
79
87
97
109
125
10.5%
70
77
85
95
107
11.0%
62
68
75
83
93
11.5%
56
61
66
73
81
12.0%
50
54
59
65
71
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
