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Model Note · BRITANNIA INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BRITANNIA INDUSTRIES LTD Discounted cash flow · base FY26
BRITANNIA INDUSTRIES LTD
Value per share, this model₹1,858
CMP 2026-09-10₹4,962.00
Difference(62.6)%
Growth the CMP implies31.5%/yr
This note states the assumptions and the arithmetic of one model of BRITANNIA 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
6.5% a year
FY26 6.7% · 5-yr CAGR 7.8%
EBITDA margin
18.5%
FY26 18.5% · 5-yr average 18.1%
Depreciation · capex, % of revenue
1.8% · 1.1%, fading to 1.2× depreciation
FY26 1.8% · 1.1%
Working capital, % of added revenue · tax
0% · 22.7%
-1 working-capital days · effective 22.7%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,138 · ₹0 · ₹0 cr
FY26 net debt ₹1,138 cr
Shares
24.09 crore
24.09 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
19,152
20,396
21,722
23,134
24,638
26,239
growth %
6.7
6.5
6.5
6.5
6.5
6.5
EBITDA
3,544
3,773
4,019
4,280
4,558
4,854
Depreciation
(337)
(367)
(391)
(416)
(443)
(472)
NOPAT
2,479
2,633
2,804
2,986
3,181
3,387
less capex
(206)
(224)
(297)
(377)
(467)
(567)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2,776
2,899
3,026
3,157
3,293
Present value
2,635
2,479
2,331
2,191
2,059
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 · BRITANNIA INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,694
PV of the terminal value (75% of EV)
34,197
Enterprise value
45,891
less net debt
(1,138)
less non-controlling interest
0
add non-operating investments
0
Equity value
44,753
÷ 24.09 crore shares
₹1,858
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,920
2,061
2,231
2,439
2,698
10.5%
1,771
1,888
2,027
2,194
2,398
11.0%
1,643
1,742
1,858
1,994
2,158
11.5%
1,533
1,617
1,714
1,828
1,962
12.0%
1,436
1,509
1,591
1,687
1,798
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
