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Model Note · BLUE STAR LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BLUE STAR LIMITED Discounted cash flow · base FY26
BLUE STAR LIMITED
Value per share, this model₹344
CMP 2026-09-10₹1,558.00
Difference(77.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BLUE STAR LIMITED, 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
3.5% a year
FY26 3.6% · 5-yr CAGR 23.8%
EBITDA margin
7.2%
FY26 7.2% · 5-yr average 7.1%
Depreciation · capex, % of revenue
1.4% · 2.7%, fading to 1.2× depreciation
FY26 1.4% · 2.7%
Working capital, % of added revenue · tax
11% · 25%
40 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.14
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹260 · ₹0 · ₹0 cr
FY26 net debt ₹260 cr
Shares
20.56 crore
20.56 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
12,402
12,836
13,285
13,750
14,232
14,730
growth %
3.6
3.5
3.5
3.5
3.5
3.5
EBITDA
892
924
957
990
1,025
1,061
Depreciation
(179)
(180)
(186)
(193)
(199)
(206)
NOPAT
535
558
578
598
619
641
less capex
(329)
(347)
(325)
(301)
(275)
(247)
less working-capital build
—
(48)
(49)
(51)
(53)
(55)
Free cash flow to firm
—
344
390
438
490
545
Present value
326
333
338
340
341
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 · BLUE STAR LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,678
PV of the terminal value (77% of EV)
5,657
Enterprise value
7,335
less net debt
(260)
less non-controlling interest
0
add non-operating investments
0
Equity value
7,075
÷ 20.56 crore shares
₹344
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
356
383
416
457
507
10.5%
327
350
377
409
449
11.0%
303
322
344
371
402
11.5%
281
298
316
338
364
12.0%
263
277
293
311
333
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
