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Model Note · BALKRISHNA IND. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BALKRISHNA IND. LTD Discounted cash flow · base FY26
BALKRISHNA IND. LTD
Value per share, this model₹336
CMP 2026-09-10₹2,164.00
Difference(84.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BALKRISHNA IND. 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
3.5% a year
FY26 3.6% · 5-yr CAGR 13.4%
EBITDA margin
21.3%
FY26 21.3% · 5-yr average 22.1%
Depreciation · capex, % of revenue
7.2% · 27.7%, fading to 1.2× depreciation
FY26 7.2% · 27.7%
Working capital, % of added revenue · tax
21.6% · 24.4%
79 working-capital days · effective 24.4%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,045 · ₹0 · ₹0 cr
FY26 net debt ₹4,045 cr
Shares
19.33 crore
19.33 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
10,823
11,202
11,594
12,000
12,420
12,854
growth %
3.6
3.5
3.5
3.5
3.5
3.5
EBITDA
2,300
2,386
2,470
2,556
2,645
2,738
Depreciation
(775)
(807)
(835)
(864)
(894)
(926)
NOPAT
1,153
1,194
1,236
1,279
1,324
1,370
less capex
(3,003)
(3,103)
(2,659)
(2,180)
(1,665)
(1,111)
less working-capital build
—
(82)
(85)
(88)
(91)
(94)
Free cash flow to firm
—
(1,184)
(673)
(125)
463
1,091
Present value
(1,124)
(576)
(96)
321
682
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 · BALKRISHNA IND. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(792)
PV of the terminal value (108% of EV)
11,333
Enterprise value
10,540
less net debt
(4,045)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,495
÷ 19.33 crore shares
₹336
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
359
417
487
573
680
10.5%
299
347
405
473
558
11.0%
247
288
336
392
460
11.5%
203
238
278
325
380
12.0%
165
195
229
269
315
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
