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Model Note · CG POWER AND IND SOL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CG POWER AND IND SOL LTD Discounted cash flow · base FY26
CG POWER AND IND SOL LTD
Value per share, this model₹137
CMP 2026-09-10₹909.00
Difference(85.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CG POWER AND IND SOL 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
25.5% a year
FY26 25.3% · 5-yr CAGR 33.2%
EBITDA margin
12.8%
FY26 12.8% · 5-yr average 15.2%
Depreciation · capex, % of revenue
1.6% · 5.7%, fading to 1.2× depreciation
FY26 1.6% · 5.7%
Working capital, % of added revenue · tax
16.4% · 26.4%
60 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(300) · ₹0 · ₹0 cr
FY26 net debt ₹(300) cr
Shares
157.50 crore
157.50 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
12,418
15,585
19,559
24,546
30,805
38,661
growth %
25.3
25.5
25.5
25.5
25.5
25.5
EBITDA
1,590
1,995
2,503
3,142
3,943
4,949
Depreciation
(196)
(249)
(313)
(393)
(493)
(619)
NOPAT
1,026
1,285
1,612
2,023
2,539
3,187
less capex
(705)
(888)
(930)
(935)
(883)
(742)
less working-capital build
—
(519)
(652)
(818)
(1,027)
(1,288)
Free cash flow to firm
—
126
343
663
1,123
1,775
Present value
120
294
511
779
1,110
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 · CG POWER AND IND SOL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,814
PV of the terminal value (87% of EV)
18,433
Enterprise value
21,246
less net debt
300
less non-controlling interest
0
add non-operating investments
0
Equity value
21,546
÷ 157.50 crore shares
₹137
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
142
153
167
184
206
10.5%
129
139
151
164
181
11.0%
119
127
137
148
162
11.5%
110
117
125
134
146
12.0%
102
108
115
123
132
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
