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Model Note · MMTC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MMTC LIMITED Discounted cash flow · base FY26
MMTC LIMITED
Value per share, this model₹37
CMP 2026-09-10₹62.31
Difference(40.7)%
Growth the CMP implies41.9%/yr
This note states the assumptions and the arithmetic of one model of MMTC 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
27% a year
FY26 26.8% · 5-yr CAGR (83.7)%
EBITDA margin
8564.5%
FY26 8564.5% · 5-yr average 141.7%
Depreciation · capex, % of revenue
150.7% · 2.6%, fading to 1.2× depreciation
FY26 150.7% · 2.6%
Working capital, % of added revenue · tax
0% · 54.2%
-22916 working-capital days · effective 54.2%
Discount rate
11.00%
1-yr beta 1.45
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
150.00 crore
150.00 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
3
4
5
7
9
11
growth %
26.8
27.0
27.0
27.0
27.0
27.0
EBITDA
292
371
471
598
760
965
Depreciation
(5)
(7)
(8)
(11)
(13)
(17)
NOPAT
131
167
212
269
342
434
less capex
(0)
(0)
(3)
(6)
(12)
(20)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
173
218
273
343
431
Present value
164
186
211
238
269
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 · MMTC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,069
PV of the terminal value (81% of EV)
4,473
Enterprise value
5,542
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
5,545
÷ 150.00 crore shares
₹37
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
38
41
45
49
55
10.5%
35
38
41
44
48
11.0%
32
35
37
40
43
11.5%
30
32
34
36
39
12.0%
28
30
31
33
36
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
