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Model Note · BELRISE INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BELRISE INDUSTRIES LTD Discounted cash flow · base FY26
BELRISE INDUSTRIES LTD
Value per share, this model₹91
CMP 2026-09-10₹228.60
Difference(60.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BELRISE INDUSTRIES 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
14.5% a year
FY26 14.7% · 5-yr CAGR —%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 12.2%
Depreciation · capex, % of revenue
3.8% · 5.9%, fading to 1.2× depreciation
FY26 3.8% · 5.9%
Working capital, % of added revenue · tax
14.2% · 25.4%
52 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹633 · ₹0 · ₹0 cr
FY26 net debt ₹633 cr
Shares
88.99 crore
88.99 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
9,509
10,888
12,467
14,274
16,344
18,714
growth %
14.7
14.5
14.5
14.5
14.5
14.5
EBITDA
1,149
1,317
1,508
1,727
1,978
2,264
Depreciation
(361)
(414)
(474)
(542)
(621)
(711)
NOPAT
588
674
772
884
1,012
1,159
less capex
(565)
(642)
(694)
(747)
(800)
(853)
less working-capital build
—
(196)
(224)
(257)
(294)
(337)
Free cash flow to firm
—
250
328
423
539
680
Present value
237
280
326
374
425
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 · BELRISE INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,642
PV of the terminal value (81% of EV)
7,062
Enterprise value
8,704
less net debt
(633)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,071
÷ 88.99 crore shares
₹91
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
94
102
111
123
138
10.5%
86
92
100
109
121
11.0%
79
84
91
98
107
11.5%
73
77
83
89
97
12.0%
67
71
76
81
87
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
