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Model Note · CELLO WORLD LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CELLO WORLD LIMITED Discounted cash flow · base FY26
CELLO WORLD LIMITED
Value per share, this model₹164
CMP 2026-09-10₹333.90
Difference(50.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CELLO WORLD 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
9% a year
FY26 8.8% · 5-yr CAGR —%
EBITDA margin
20%
FY26 20.0% · 5-yr average 23.1%
Depreciation · capex, % of revenue
3.3% · 9.4%, fading to 1.2× depreciation
FY26 3.3% · 9.4%
Working capital, % of added revenue · tax
48.7% · 24.6%
178 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(92) · ₹0 · ₹0 cr
FY26 net debt ₹(92) cr
Shares
22.09 crore
22.09 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
2,324
2,533
2,761
3,009
3,280
3,575
growth %
8.8
9.0
9.0
9.0
9.0
9.0
EBITDA
464
507
552
602
656
715
Depreciation
(78)
(84)
(91)
(99)
(108)
(118)
NOPAT
291
319
348
379
413
450
less capex
(219)
(238)
(222)
(201)
(175)
(142)
less working-capital build
—
(102)
(111)
(121)
(132)
(144)
Free cash flow to firm
—
63
106
156
215
283
Present value
59
90
120
149
177
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 · CELLO WORLD LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
596
PV of the terminal value (83% of EV)
2,937
Enterprise value
3,533
less net debt
92
less non-controlling interest
0
add non-operating investments
0
Equity value
3,625
÷ 22.09 crore shares
₹164
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
170
183
199
218
243
10.5%
156
167
180
196
215
11.0%
144
153
164
177
192
11.5%
134
142
151
161
174
12.0%
125
132
139
148
159
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
