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Model Note · BEDMUTHA INDUST LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BEDMUTHA INDUST LTD Discounted cash flow · base FY26
BEDMUTHA INDUST LTD
Value per share, this model₹135
CMP 2026-09-10₹103.52
Difference30.3%
Growth the CMP implies23.6%/yr
This note states the assumptions and the arithmetic of one model of BEDMUTHA INDUST 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
30% a year
FY26 39.8% · 5-yr CAGR 30.4%
EBITDA margin
4%
FY26 4.0% · 5-yr average 3.1%
Depreciation · capex, % of revenue
1.7% · 7.2%, fading to 1.2× depreciation
FY26 1.7% · 7.2%
Working capital, % of added revenue · tax
2.8% · 0%
10 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 0.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹198 · ₹0 · ₹0 cr
FY26 net debt ₹198 cr
Shares
3.23 crore
3.23 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
1,467
1,907
2,479
3,222
4,189
5,446
growth %
39.8
30.0
30.0
30.0
30.0
30.0
EBITDA
59
76
99
129
168
218
Depreciation
(25)
(32)
(42)
(55)
(71)
(93)
NOPAT
34
44
57
74
96
125
less capex
(106)
(137)
(146)
(149)
(139)
(111)
less working-capital build
—
(12)
(16)
(21)
(27)
(35)
Free cash flow to firm
—
(73)
(63)
(41)
1
72
Present value
(70)
(54)
(31)
1
45
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 · BEDMUTHA INDUST LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(110)
PV of the terminal value (117% of EV)
743
Enterprise value
633
less net debt
(198)
less non-controlling interest
0
add non-operating investments
0
Equity value
435
÷ 3.23 crore shares
₹135
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
143
166
194
227
270
10.5%
120
139
162
189
222
11.0%
100
116
135
157
184
11.5%
83
97
112
131
153
12.0%
68
80
93
109
127
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
