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Model Note · BHARAT WIRE ROPES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT WIRE ROPES LTD. Discounted cash flow · base FY24
BHARAT WIRE ROPES LTD.
Value per share, this model₹231
CMP 2026-09-10₹172.90
Difference33.9%
Growth the CMP implies(4.4)%/yr
This note states the assumptions and the arithmetic of one model of BHARAT WIRE ROPES LTD., built on its filed FY24 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
5.5% a year
FY24 5.6% · 5-yr CAGR —%
EBITDA margin
26.4%
FY24 26.4% · 5-yr average 25.0%
Depreciation · capex, % of revenue
3.4% · 2.5%, fading to 1.2× depreciation
FY24 3.4% · 2.5%
Working capital, % of added revenue · tax
27.6% · 25.3%
101 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.57
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹132 · ₹0 · ₹0 cr
FY24 net debt ₹132 cr
Shares
6.86 crore
6.86 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
622
656
692
730
770
813
growth %
5.6
5.5
5.5
5.5
5.5
5.5
EBITDA
164
173
183
193
203
215
Depreciation
(21)
(22)
(24)
(25)
(26)
(28)
NOPAT
107
113
119
125
132
140
less capex
(16)
(16)
(20)
(24)
(28)
(33)
less working-capital build
—
(9)
(10)
(11)
(11)
(12)
Free cash flow to firm
—
109
112
116
119
122
Present value
104
96
89
83
77
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 · BHARAT WIRE ROPES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
448
PV of the terminal value (74% of EV)
1,271
Enterprise value
1,719
less net debt
(132)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,587
÷ 6.86 crore shares
₹231
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
240
258
280
307
341
10.5%
220
235
254
275
302
11.0%
203
216
231
249
271
11.5%
189
200
213
228
245
12.0%
176
186
197
209
224
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
