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Model Note · TECH MAHINDRA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TECH MAHINDRA LIMITED Discounted cash flow · base FY26
TECH MAHINDRA LIMITED
Value per share, this model₹876
CMP 2026-09-10₹1,541.00
Difference(43.2)%
Growth the CMP implies36.1%/yr
This note states the assumptions and the arithmetic of one model of TECH MAHINDRA 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
7% a year
FY26 7.2% · 5-yr CAGR 8.5%
EBITDA margin
15.4%
FY26 15.4% · 5-yr average 14.0%
Depreciation · capex, % of revenue
3.3% · 1.2%, fading to 1.2× depreciation
FY26 3.3% · 1.2%
Working capital, % of added revenue · tax
14.8% · 26.9%
54 working-capital days · effective 26.9%
Discount rate
11.00%
1-yr beta 0.62
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2,860) · ₹0 · ₹0 cr
FY26 net debt ₹(2,860) cr
Shares
98.00 crore
98.00 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
56,815
60,792
65,048
69,601
74,473
79,687
growth %
7.2
7.0
7.0
7.0
7.0
7.0
EBITDA
8,760
9,362
10,017
10,719
11,469
12,272
Depreciation
(1,882)
(2,006)
(2,147)
(2,297)
(2,458)
(2,630)
NOPAT
5,028
5,377
5,754
6,156
6,587
7,048
less capex
(696)
(730)
(1,229)
(1,796)
(2,435)
(3,156)
less working-capital build
—
(589)
(630)
(674)
(721)
(772)
Free cash flow to firm
—
6,065
6,041
5,984
5,889
5,751
Present value
5,757
5,166
4,609
4,087
3,596
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 · TECH MAHINDRA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
23,214
PV of the terminal value (72% of EV)
59,725
Enterprise value
82,939
less net debt
2,860
less non-controlling interest
0
add non-operating investments
0
Equity value
85,799
÷ 98.00 crore shares
₹876
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
903
963
1,036
1,125
1,237
10.5%
838
889
949
1,020
1,108
11.0%
783
826
876
934
1,004
11.5%
736
772
814
862
920
12.0%
694
725
761
802
850
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
