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Model Note · USHA MARTIN LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
USHA MARTIN LTD. Discounted cash flow · base FY26
USHA MARTIN LTD.
Value per share, this model₹202
CMP 2026-09-10₹493.90
Difference(59.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of USHA MARTIN 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
6% a year
FY26 6.2% · 5-yr CAGR 12.0%
EBITDA margin
18.6%
FY26 18.6% · 5-yr average 17.1%
Depreciation · capex, % of revenue
3.2% · 5.4%, fading to 1.2× depreciation
FY26 3.2% · 5.4%
Working capital, % of added revenue · tax
35% · 23.9%
128 working-capital days · effective 23.9%
Discount rate
11.00%
1-yr beta 1.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(96) · ₹0 · ₹0 cr
FY26 net debt ₹(96) cr
Shares
30.51 crore
30.51 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
3,691
3,913
4,147
4,396
4,660
4,939
growth %
6.2
6.0
6.0
6.0
6.0
6.0
EBITDA
688
728
771
818
867
919
Depreciation
(116)
(125)
(133)
(141)
(149)
(158)
NOPAT
435
459
486
515
546
579
less capex
(198)
(211)
(208)
(203)
(197)
(190)
less working-capital build
—
(78)
(82)
(87)
(92)
(98)
Free cash flow to firm
—
295
329
366
406
449
Present value
280
281
282
282
281
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 · USHA MARTIN LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,405
PV of the terminal value (77% of EV)
4,667
Enterprise value
6,073
less net debt
96
less non-controlling interest
0
add non-operating investments
0
Equity value
6,169
÷ 30.51 crore shares
₹202
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
209
224
242
265
293
10.5%
193
205
220
238
260
11.0%
179
190
202
217
235
11.5%
167
176
187
199
213
12.0%
157
165
174
184
196
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
