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Model Note · MSTC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MSTC LIMITED Discounted cash flow · base FY26
MSTC LIMITED
Value per share, this model₹687
CMP 2026-09-10₹735.55
Difference(6.7)%
Growth the CMP implies21.2%/yr
This note states the assumptions and the arithmetic of one model of MSTC 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
19% a year
FY26 18.9% · 5-yr CAGR (13.9)%
EBITDA margin
60.6%
FY26 60.6% · 5-yr average 50.8%
Depreciation · capex, % of revenue
2.8% · 6%, fading to 1.2× depreciation
FY26 2.8% · 6.0%
Working capital, % of added revenue · tax
27.3% · 24.9%
100 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(409) · ₹0 · ₹0 cr
FY26 net debt ₹(409) cr
Shares
7.04 crore
7.04 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
370
440
523
623
741
882
growth %
18.9
19.0
19.0
19.0
19.0
19.0
EBITDA
224
267
317
377
449
535
Depreciation
(10)
(12)
(15)
(17)
(21)
(25)
NOPAT
161
191
227
270
322
383
less capex
(22)
(26)
(28)
(29)
(30)
(30)
less working-capital build
—
(19)
(23)
(27)
(32)
(38)
Free cash flow to firm
—
158
191
232
280
340
Present value
150
163
178
195
212
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 · MSTC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
898
PV of the terminal value (80% of EV)
3,526
Enterprise value
4,424
less net debt
409
less non-controlling interest
0
add non-operating investments
0
Equity value
4,833
÷ 7.04 crore shares
₹687
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
708
758
818
891
982
10.5%
656
697
746
805
877
11.0%
611
646
687
735
792
11.5%
572
602
636
676
724
12.0%
538
564
593
627
666
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
