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Model Note · MRF LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MRF LTD Discounted cash flow · base FY26
MRF LTD
Value per share, this model₹74,204
CMP 2026-09-10₹1,28,760.00
Difference(42.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MRF 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
10.5% a year
FY26 10.6% · 5-yr CAGR 14.0%
EBITDA margin
15.5%
FY26 15.5% · 5-yr average 13.6%
Depreciation · capex, % of revenue
5.6% · 4.6%, fading to 1.2× depreciation
FY26 5.6% · 4.6%
Working capital, % of added revenue · tax
18.5% · 24.7%
67 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,062 · ₹0 · ₹0 cr
FY26 net debt ₹2,062 cr
Shares
0.42 crore
0.42 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
31,149
34,420
38,034
42,027
46,440
51,316
growth %
10.6
10.5
10.5
10.5
10.5
10.5
EBITDA
4,837
5,335
5,895
6,514
7,198
7,954
Depreciation
(1,754)
(1,928)
(2,130)
(2,354)
(2,601)
(2,874)
NOPAT
2,322
2,566
2,835
3,133
3,462
3,825
less capex
(1,434)
(1,583)
(1,951)
(2,379)
(2,875)
(3,448)
less working-capital build
—
(605)
(669)
(739)
(816)
(902)
Free cash flow to firm
—
2,305
2,345
2,369
2,372
2,349
Present value
2,188
2,006
1,825
1,646
1,468
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 · MRF LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,133
PV of the terminal value (73% of EV)
24,392
Enterprise value
33,524
less net debt
(2,062)
less non-controlling interest
0
add non-operating investments
0
Equity value
31,462
÷ 0.42 crore shares
₹74,204
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
76,749
82,481
89,360
97,767
1,08,277
10.5%
70,699
75,462
81,092
87,847
96,103
11.0%
65,516
69,525
74,204
79,732
86,366
11.5%
61,025
64,439
68,377
72,972
78,402
12.0%
57,098
60,032
63,384
67,253
71,766
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
