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Model Note · MOIL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MOIL LIMITED Discounted cash flow · base FY20
MOIL LIMITED
Value per share, this model₹95
CMP 2026-09-10₹245.50
Difference(61.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MOIL LIMITED, built on its filed FY20 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% a year
FY20 —% · 5-yr CAGR —%
EBITDA margin
24.6%
FY20 24.6% · 5-yr average 24.6%
Depreciation · capex, % of revenue
9.3% · 0%, fading to 1.2× depreciation
FY20 9.3% · 0.0%
Working capital, % of added revenue · tax
26.1% · 27.1%
95 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 0.98
After FY25
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(105) · ₹0 · ₹0 cr
FY20 net debt ₹(105) cr
Shares
20.35 crore
20.35 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
1,038
1,121
1,211
1,308
1,412
1,525
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
256
276
298
322
347
375
Depreciation
(96)
(104)
(113)
(122)
(131)
(142)
NOPAT
116
125
135
146
158
170
less capex
0
0
(34)
(73)
(118)
(170)
less working-capital build
—
(22)
(23)
(25)
(27)
(29)
Free cash flow to firm
—
208
190
169
143
112
Present value
197
163
130
99
70
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 · MOIL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
660
PV of the terminal value (64% of EV)
1,166
Enterprise value
1,826
less net debt
105
less non-controlling interest
0
add non-operating investments
0
Equity value
1,931
÷ 20.35 crore shares
₹95
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
98
103
110
119
129
10.5%
91
96
102
109
117
11.0%
86
90
95
100
107
11.5%
82
85
89
94
99
12.0%
78
81
84
88
92
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
