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Model Note · MOTILAL OSWAL FIN LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MOTILAL OSWAL FIN LTD Discounted cash flow · base FY26
MOTILAL OSWAL FIN LTD
Value per share, this model₹1,178
CMP 2026-09-10₹1,026.50
Difference14.7%
Growth the CMP implies7.9%/yr
This note states the assumptions and the arithmetic of one model of MOTILAL OSWAL FIN 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 11.4% · 5-yr CAGR 20.9%
EBITDA margin
41.3%
FY26 41.3% · 5-yr average 49.6%
Depreciation · capex, % of revenue
1.2% · 0.8%, fading to 1.2× depreciation
FY26 1.2% · 0.8%
Working capital, % of added revenue · tax
0% · 24.3%
0 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 1.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5,161) · ₹0 · ₹0 cr
FY26 net debt ₹(5,161) cr
Shares
60.21 crore
60.21 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
9,374
10,452
11,654
12,994
14,488
16,155
growth %
11.4
11.5
11.5
11.5
11.5
11.5
EBITDA
3,870
4,317
4,813
5,367
5,984
6,672
Depreciation
(111)
(125)
(140)
(156)
(174)
(194)
NOPAT
2,846
3,173
3,538
3,944
4,398
4,904
less capex
(72)
(84)
(112)
(146)
(185)
(233)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
3,215
3,566
3,955
4,386
4,865
Present value
3,051
3,049
3,047
3,044
3,042
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 · MOTILAL OSWAL FIN LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
15,233
PV of the terminal value (77% of EV)
50,526
Enterprise value
65,759
less net debt
5,161
less non-controlling interest
0
add non-operating investments
0
Equity value
70,920
÷ 60.21 crore shares
₹1,178
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,214
1,298
1,398
1,521
1,674
10.5%
1,126
1,196
1,278
1,376
1,497
11.0%
1,051
1,110
1,178
1,258
1,355
11.5%
986
1,036
1,093
1,160
1,239
12.0%
929
972
1,021
1,077
1,143
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
