If your lens (or the resulting optical system of whatever assembly) is 115 mm of focal length, and is declared as being f/4, then the front lens should have a diameter of 115/4 = 28,75 mm. Conversely, if your front lens has a diameter of 28,75 mm, and the lens has a focal length of 115 mm, then its maximum f/value is 4.
If on the diaphragm ring the maximum aperture is marked 2.8, than with the tele extension that becomes 4, and 4 becomes 5.6 etc.
Your assumption sounds therefore correct.