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Model Note · MM FORGINGS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MM FORGINGS LTD Discounted cash flow · base FY26
MM FORGINGS LTD
Value per share, this model₹268
CMP 2026-09-10₹634.00
Difference(57.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MM FORGINGS 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
4% a year
FY26 4.2% · 5-yr CAGR 16.4%
EBITDA margin
17.6%
FY26 17.6% · 5-yr average 18.4%
Depreciation · capex, % of revenue
6.5% · 0%, fading to 1.2× depreciation
FY26 6.5% · 0.0%
Working capital, % of added revenue · tax
35.5% · 14.1%
130 working-capital days · effective 14.1%
Discount rate
11.00%
1-yr beta 1.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹849 · ₹0 · ₹0 cr
FY26 net debt ₹849 cr
Shares
4.83 crore
4.83 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
1,590
1,653
1,720
1,788
1,860
1,934
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
281
291
303
315
327
340
Depreciation
(103)
(107)
(112)
(116)
(121)
(126)
NOPAT
152
158
164
171
177
184
less capex
0
0
(34)
(70)
(109)
(151)
less working-capital build
—
(23)
(23)
(24)
(25)
(26)
Free cash flow to firm
—
243
219
193
164
133
Present value
230
187
148
114
83
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 · MM FORGINGS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
763
PV of the terminal value (64% of EV)
1,380
Enterprise value
2,143
less net debt
(849)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,294
÷ 4.83 crore shares
₹268
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
281
310
344
386
438
10.5%
251
274
302
336
377
11.0%
225
245
268
295
328
11.5%
202
219
239
261
288
12.0%
182
197
214
233
255
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
