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Model Note · MODI NATURALS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MODI NATURALS LIMITED Discounted cash flow · base FY26
MODI NATURALS LIMITED
Value per share, this model₹458
CMP, 8 Oct 2026₹296.90
Difference54.4%
Growth the CMP implies(4.3)%/yr
This note states the assumptions and the arithmetic of one model of MODI NATURALS 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
8.5% a year
FY26 8.5% · 5-yr CAGR —%
EBITDA margin
10.9%
FY26 10.9% · 5-yr average 5.2%
Depreciation · capex, % of revenue
1.1% · 11.1%, fading to 1.2× depreciation
FY26 1.1% · 11.1%
Working capital, % of added revenue · tax
14.4% · 20.9%
53 working-capital days · effective 20.9%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹159 · ₹0 · ₹0 cr
FY26 net debt ₹159 cr
Shares
1.33 crore
1.33 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
719
780
847
919
997
1,081
growth %
8.5
8.5
8.5
8.5
8.5
8.5
EBITDA
78
85
92
100
109
118
Depreciation
(8)
(9)
(9)
(10)
(11)
(12)
NOPAT
56
60
66
71
77
84
less capex
(80)
(87)
(73)
(57)
(38)
(14)
less working-capital build
—
(9)
(10)
(10)
(11)
(12)
Free cash flow to firm
—
(26)
(8)
14
39
69
Present value
(25)
(7)
11
27
43
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 · MODI NATURALS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
50
PV of the terminal value (94% of EV)
719
Enterprise value
769
less net debt
(159)
less non-controlling interest
0
add non-operating investments
0
Equity value
610
÷ 1.33 crore shares
₹458
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
480
534
598
677
776
10.5%
424
469
522
585
663
11.0%
377
414
458
510
573
11.5%
336
368
405
448
499
12.0%
300
327
359
395
438
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
