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Model Note · MRPL · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MRPL Discounted cash flow · base FY26
MRPL
Value per share, this model₹87
CMP 2026-09-10₹175.40
Difference(50.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MRPL, 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
-4% a year
FY26 (3.8)% · 5-yr CAGR 15.6%
EBITDA margin
5.9%
FY26 5.9% · 5-yr average 5.2%
Depreciation · capex, % of revenue
1.4% · 1.3%, fading to 1.2× depreciation
FY26 1.4% · 1.3%
Working capital, % of added revenue · tax
9% · 52.2%
33 working-capital days · effective 52.2%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹13,769 · ₹0 · ₹0 cr
FY26 net debt ₹13,769 cr
Shares
175.26 crore
175.26 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
1,05,155
1,00,949
96,911
93,035
89,313
85,741
growth %
(3.8)
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
EBITDA
6,235
5,956
5,718
5,489
5,269
5,059
Depreciation
(1,520)
(1,413)
(1,357)
(1,302)
(1,250)
(1,200)
NOPAT
2,254
2,171
2,085
2,001
1,921
1,844
less capex
(1,412)
(1,312)
(1,352)
(1,386)
(1,416)
(1,440)
less working-capital build
—
379
363
349
335
322
Free cash flow to firm
—
2,651
2,453
2,266
2,091
1,926
Present value
2,516
2,097
1,746
1,451
1,204
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 · MRPL · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,015
PV of the terminal value (69% of EV)
20,000
Enterprise value
29,014
less net debt
(13,769)
less non-controlling interest
0
add non-operating investments
0
Equity value
15,245
÷ 175.26 crore shares
₹87
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
92
104
117
134
155
10.5%
80
90
101
114
130
11.0%
70
78
87
98
111
11.5%
61
68
75
84
95
12.0%
53
59
65
73
82
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
