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Model Note · BIRLA CORPORATION LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BIRLA CORPORATION LTD Discounted cash flow · base FY26
BIRLA CORPORATION LTD
Value per share, this model₹873
CMP 2026-09-10₹825.00
Difference5.8%
Growth the CMP implies3.8%/yr
This note states the assumptions and the arithmetic of one model of BIRLA CORPORATION 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
5% a year
FY26 4.8% · 5-yr CAGR 7.3%
EBITDA margin
15%
FY26 15.0% · 5-yr average 13.2%
Depreciation · capex, % of revenue
5.5% · 4.9%, fading to 1.2× depreciation
FY26 5.5% · 4.9%
Working capital, % of added revenue · tax
5.4% · 27.4%
20 working-capital days · effective 27.4%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹3,146 · ₹0 · ₹0 cr
FY26 net debt ₹3,146 cr
Shares
7.70 crore
7.70 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
9,656
10,138
10,645
11,178
11,736
12,323
growth %
4.8
5.0
5.0
5.0
5.0
5.0
EBITDA
1,448
1,521
1,597
1,677
1,760
1,848
Depreciation
(532)
(558)
(585)
(615)
(646)
(678)
NOPAT
665
699
734
771
809
850
less capex
(469)
(497)
(567)
(643)
(725)
(813)
less working-capital build
—
(26)
(27)
(29)
(30)
(32)
Free cash flow to firm
—
734
725
714
700
683
Present value
697
620
550
486
427
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 · BIRLA CORPORATION LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,780
PV of the terminal value (72% of EV)
7,090
Enterprise value
9,870
less net debt
(3,146)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,724
÷ 7.70 crore shares
₹873
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
914
1,006
1,116
1,250
1,419
10.5%
817
893
983
1,092
1,224
11.0%
734
798
873
962
1,068
11.5%
662
717
780
853
940
12.0%
599
646
700
762
834
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
