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Model Note · RATNAMANI MET & TUB LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RATNAMANI MET & TUB LTD. Discounted cash flow · base FY26
RATNAMANI MET & TUB LTD.
Value per share, this model₹759
CMP 2026-09-10₹2,827.00
Difference(73.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RATNAMANI MET & TUB 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 (13.4)% · 5-yr CAGR 14.4%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 16.7%
Depreciation · capex, % of revenue
2.9% · 10.8%, fading to 1.2× depreciation
FY26 2.9% · 10.8%
Working capital, % of added revenue · tax
43.3% · 24.3%
158 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 0.62
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹230 · ₹0 · ₹0 cr
FY26 net debt ₹230 cr
Shares
7.01 crore
7.01 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
4,494
4,269
4,056
3,853
3,660
3,477
growth %
(13.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
747
709
673
640
608
577
Depreciation
(132)
(124)
(118)
(112)
(106)
(101)
NOPAT
466
443
421
400
380
361
less capex
(485)
(461)
(364)
(275)
(194)
(121)
less working-capital build
—
97
92
88
83
79
Free cash flow to firm
—
203
267
324
375
420
Present value
192
228
250
260
262
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 · RATNAMANI MET & TUB LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,193
PV of the terminal value (79% of EV)
4,359
Enterprise value
5,552
less net debt
(230)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,322
÷ 7.01 crore shares
₹759
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
786
848
922
1,013
1,127
10.5%
721
772
833
906
996
11.0%
665
709
759
819
891
11.5%
617
654
697
746
805
12.0%
575
607
643
685
734
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
