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Model Note · BTRFLY GANDHI APPL LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BTRFLY GANDHI APPL LTD Discounted cash flow · base FY26
BTRFLY GANDHI APPL LTD
Value per share, this model₹357
CMP, 8 Oct 2026₹544.70
Difference(34.5)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of BTRFLY GANDHI APPL LTD, built on its filed FY26 standalone 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
9% a year
FY26 9.1% · 5-yr CAGR 1.6%
EBITDA margin
8.3%
FY26 8.3% · 5-yr average 6.5%
Depreciation · capex, % of revenue
2.5% · 1.3%, fading to 1.2× depreciation
FY26 2.5% · 1.3%
Working capital, % of added revenue · tax
10.5% · 25.5%
38 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.14
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(13) · ₹0 · ₹0 cr
FY26 net debt ₹(13) cr
Shares
1.79 crore
1.79 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
943
1,028
1,121
1,221
1,331
1,451
growth %
9.1
9.0
9.0
9.0
9.0
9.0
EBITDA
79
85
93
101
111
120
Depreciation
(24)
(26)
(28)
(31)
(33)
(36)
NOPAT
41
44
48
53
58
63
less capex
(12)
(13)
(19)
(26)
(34)
(44)
less working-capital build
—
(9)
(10)
(11)
(12)
(13)
Free cash flow to firm
—
48
47
46
45
43
Present value
45
41
36
31
27
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 · BTRFLY GANDHI APPL LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
180
PV of the terminal value (71% of EV)
445
Enterprise value
625
less net debt
13
less non-controlling interest
0
add non-operating investments
0
Equity value
638
÷ 1.79 crore shares
₹357
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
368
393
422
459
504
10.5%
342
362
387
416
452
11.0%
319
337
357
381
409
11.5%
300
314
332
351
375
12.0%
283
295
310
327
346
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
