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Model Note · BORANA WEAVES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BORANA WEAVES LIMITED Discounted cash flow · base FY26
BORANA WEAVES LIMITED
Value per share, this model₹478
CMP 2026-09-10₹317.50
Difference50.6%
Growth the CMP implies17.8%/yr
This note states the assumptions and the arithmetic of one model of BORANA WEAVES 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
30% a year
FY26 33.9% · 5-yr CAGR —%
EBITDA margin
23.5%
FY26 23.5% · 5-yr average 22.5%
Depreciation · capex, % of revenue
4.6% · 46.1%, fading to 1.2× depreciation
FY26 4.6% · 46.1%
Working capital, % of added revenue · tax
18.2% · 17.6%
66 working-capital days · effective 17.6%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹68 · ₹0 · ₹0 cr
FY26 net debt ₹68 cr
Shares
2.66 crore
2.66 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
389
505
657
854
1,110
1,443
growth %
33.9
30.0
30.0
30.0
30.0
30.0
EBITDA
91
119
154
201
261
339
Depreciation
(18)
(23)
(30)
(39)
(51)
(66)
NOPAT
61
79
102
133
173
225
less capex
(179)
(233)
(236)
(220)
(174)
(80)
less working-capital build
—
(21)
(28)
(36)
(47)
(61)
Free cash flow to firm
—
(152)
(131)
(84)
3
151
Present value
(144)
(112)
(65)
2
94
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 · BORANA WEAVES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(225)
PV of the terminal value (117% of EV)
1,566
Enterprise value
1,342
less net debt
(68)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,274
÷ 2.66 crore shares
₹478
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
500
558
628
714
822
10.5%
440
489
546
615
700
11.0%
389
430
478
535
602
11.5%
346
380
421
468
523
12.0%
308
338
372
411
458
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
