This note states the assumptions and the arithmetic of one model of MULLER & PHIPPS (INDIA) 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
-5% a year
FY26 (4.8)% · 5-yr CAGR 7.2%
EBITDA margin
-21.9%
FY26 (21.9)% · 5-yr average (4.8)%
Depreciation · capex, % of revenue
0.2% · 0%, fading to 1.2× depreciation
FY26 0.2% · 0.0%
Working capital, % of added revenue · tax
21.6% · 25.17%
79 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.06 crore
0.06 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
6
5
5
5
5
4
growth %
(4.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(1)
(1)
(1)
(1)
(1)
(1)
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
(1)
(1)
(1)
(1)
(1)
(1)
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(1)
(1)
(1)
(1)
(1)
Present value
(1)
(1)
(1)
(0)
(0)
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 · MULLER & PHIPPS (INDIA) LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(3)
PV of the terminal value (—% of EV)
(7)
Enterprise value
(10)
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
(11)
÷ 0.06 crore shares
₹(174)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(179)
(191)
(204)
(220)
(241)
10.5%
(168)
(177)
(188)
(201)
(217)
11.0%
(158)
(165)
(174)
(185)
(198)
11.5%
(149)
(155)
(163)
(172)
(183)
12.0%
(141)
(147)
(153)
(161)
(170)
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
