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Model Note · POWER MECH PROJECTS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
POWER MECH PROJECTS LTD. Discounted cash flow · base FY26
POWER MECH PROJECTS LTD.
Value per share, this model₹2,809
CMP 2026-09-10₹2,408.00
Difference16.7%
Growth the CMP implies10.8%/yr
This note states the assumptions and the arithmetic of one model of POWER MECH PROJECTS 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
16% a year
FY26 15.8% · 5-yr CAGR 26.3%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 11.3%
Depreciation · capex, % of revenue
1.2% · 5.5%, fading to 1.2× depreciation
FY26 1.2% · 5.5%
Working capital, % of added revenue · tax
10.5% · 26%
38 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.42
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹545 · ₹0 · ₹0 cr
FY26 net debt ₹545 cr
Shares
3.16 crore
3.16 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
6,062
7,031
8,156
9,461
10,975
12,731
growth %
15.8
16.0
16.0
16.0
16.0
16.0
EBITDA
705
816
946
1,098
1,273
1,477
Depreciation
(75)
(84)
(98)
(114)
(132)
(153)
NOPAT
466
541
628
728
845
980
less capex
(335)
(387)
(366)
(328)
(269)
(183)
less working-capital build
—
(102)
(118)
(137)
(159)
(184)
Free cash flow to firm
—
137
242
376
548
765
Present value
130
207
290
380
478
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 · POWER MECH PROJECTS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,485
PV of the terminal value (84% of EV)
7,943
Enterprise value
9,429
less net debt
(545)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,884
÷ 3.16 crore shares
₹2,809
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,914
3,164
3,465
3,832
4,291
10.5%
2,653
2,861
3,107
3,402
3,763
11.0%
2,430
2,605
2,809
3,051
3,341
11.5%
2,237
2,386
2,558
2,759
2,996
12.0%
2,069
2,197
2,343
2,512
2,709
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
