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Model Note · MULTIBASE INDIA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MULTIBASE INDIA LTD. Discounted cash flow · base FY26
MULTIBASE INDIA LTD.
Value per share, this model₹124
CMP 2026-09-10₹176.00
Difference(29.7)%
Growth the CMP implies24.1%/yr
This note states the assumptions and the arithmetic of one model of MULTIBASE 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 (5.9)% · 5-yr CAGR 4.5%
EBITDA margin
17.2%
FY26 17.2% · 5-yr average 15.0%
Depreciation · capex, % of revenue
1.8% · 2.6%, fading to 1.2× depreciation
FY26 1.8% · 2.6%
Working capital, % of added revenue · tax
24.7% · 25.2%
90 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(62) · ₹0 · ₹0 cr
FY26 net debt ₹(62) cr
Shares
1.26 crore
1.26 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
67
63
60
57
54
52
growth %
(5.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
11
11
10
10
9
9
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
8
7
7
7
6
6
less capex
(2)
(2)
(1)
(1)
(1)
(1)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
8
7
7
7
6
Present value
7
6
5
5
4
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 · MULTIBASE INDIA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
27
PV of the terminal value (71% of EV)
67
Enterprise value
94
less net debt
62
less non-controlling interest
0
add non-operating investments
0
Equity value
156
÷ 1.26 crore shares
₹124
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
126
131
138
145
155
10.5%
121
125
130
136
144
11.0%
116
119
124
129
135
11.5%
112
115
118
123
128
12.0%
108
111
114
117
121
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
