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Model Note · CHEVIOT COMPANY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CHEVIOT COMPANY LIMITED Discounted cash flow · base FY26
CHEVIOT COMPANY LIMITED
Value per share, this model₹1,131
CMP 2026-09-10₹1,202.00
Difference(5.9)%
Growth the CMP implies2.3%/yr
This note states the assumptions and the arithmetic of one model of CHEVIOT COMPANY 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
24.5% a year
FY26 24.6% · 5-yr CAGR 6.7%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 12.3%
Depreciation · capex, % of revenue
1.5% · 2%, fading to 1.2× depreciation
FY26 1.5% · 2.0%
Working capital, % of added revenue · tax
28.9% · 25.6%
105 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4 · ₹0 · ₹0 cr
FY26 net debt ₹4 cr
Shares
0.58 crore
0.58 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
547
682
848
1,056
1,315
1,637
growth %
24.6
24.5
24.5
24.5
24.5
24.5
EBITDA
76
94
117
146
181
226
Depreciation
(8)
(10)
(13)
(16)
(20)
(25)
NOPAT
50
62
78
97
120
150
less capex
(11)
(14)
(17)
(20)
(24)
(29)
less working-capital build
—
(39)
(48)
(60)
(75)
(93)
Free cash flow to firm
—
20
26
32
41
52
Present value
19
22
25
28
32
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 · CHEVIOT COMPANY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
127
PV of the terminal value (81% of EV)
538
Enterprise value
665
less net debt
(4)
less non-controlling interest
0
add non-operating investments
0
Equity value
661
÷ 0.58 crore shares
₹1,131
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,170
1,262
1,372
1,507
1,675
10.5%
1,074
1,150
1,241
1,349
1,481
11.0%
992
1,056
1,131
1,220
1,326
11.5%
921
976
1,039
1,112
1,199
12.0%
859
906
960
1,022
1,094
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
