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Model Note · CEMINDIA PROJECTS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CEMINDIA PROJECTS LIMITED Discounted cash flow · base FY26
CEMINDIA PROJECTS LIMITED
Value per share, this model₹746
CMP 2026-09-10₹1,249.80
Difference(40.3)%
Growth the CMP implies23.2%/yr
This note states the assumptions and the arithmetic of one model of CEMINDIA PROJECTS 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
10.5% a year
FY26 10.6% · 5-yr CAGR 29.8%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 9.0%
Depreciation · capex, % of revenue
1.6% · 2.6%, fading to 1.2× depreciation
FY26 1.6% · 2.6%
Working capital, % of added revenue · tax
0% · 26.9%
-5 working-capital days · effective 26.9%
Discount rate
11.00%
1-yr beta 1.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹392 · ₹0 · ₹0 cr
FY26 net debt ₹392 cr
Shares
17.18 crore
17.18 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
10,061
11,117
12,284
13,574
14,999
16,574
growth %
10.6
10.5
10.5
10.5
10.5
10.5
EBITDA
1,022
1,134
1,253
1,385
1,530
1,691
Depreciation
(166)
(178)
(197)
(217)
(240)
(265)
NOPAT
625
699
772
853
943
1,042
less capex
(264)
(289)
(299)
(307)
(313)
(318)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
588
670
764
869
989
Present value
558
573
588
603
618
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 · CEMINDIA PROJECTS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,941
PV of the terminal value (78% of EV)
10,270
Enterprise value
13,211
less net debt
(392)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,819
÷ 17.18 crore shares
₹746
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
772
831
903
990
1,100
10.5%
709
759
817
888
973
11.0%
656
698
746
804
873
11.5%
610
645
686
734
790
12.0%
569
600
634
675
722
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
