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Model Note · BALMER LAWRIE & CO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BALMER LAWRIE & CO LTD Discounted cash flow · base FY26
BALMER LAWRIE & CO LTD
Value per share, this model₹180
CMP 2026-09-10₹168.60
Difference6.7%
Growth the CMP implies5.1%/yr
This note states the assumptions and the arithmetic of one model of BALMER LAWRIE & CO 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
8% a year
FY26 8.0% · 5-yr CAGR 12.2%
EBITDA margin
12.9%
FY26 12.9% · 5-yr average 11.1%
Depreciation · capex, % of revenue
2.8% · 2.3%, fading to 1.2× depreciation
FY26 2.8% · 2.3%
Working capital, % of added revenue · tax
13.2% · 29.6%
48 working-capital days · effective 29.6%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹41 · ₹0 · ₹0 cr
FY26 net debt ₹41 cr
Shares
17.10 crore
17.10 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
2,717
2,934
3,169
3,423
3,696
3,992
growth %
8.0
8.0
8.0
8.0
8.0
8.0
EBITDA
351
379
409
442
477
515
Depreciation
(76)
(82)
(89)
(96)
(104)
(112)
NOPAT
193
209
225
243
263
284
less capex
(64)
(67)
(81)
(97)
(114)
(134)
less working-capital build
—
(29)
(31)
(33)
(36)
(39)
Free cash flow to firm
—
195
202
209
216
222
Present value
185
173
161
150
139
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 · BALMER LAWRIE & CO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
807
PV of the terminal value (74% of EV)
2,310
Enterprise value
3,117
less net debt
(41)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,076
÷ 17.10 crore shares
₹180
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
186
199
215
235
260
10.5%
172
183
196
212
231
11.0%
160
169
180
193
208
11.5%
149
157
166
177
190
12.0%
140
147
155
164
174
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
