This note states the assumptions and the arithmetic of one model of ELEGANT MARBLES & GRANI INDUST, 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
20.5% a year
FY26 20.3% · 5-yr CAGR 30.0%
EBITDA margin
12.8%
FY26 12.8% · 5-yr average 9.8%
Depreciation · capex, % of revenue
3.8% · 0.8%, fading to 1.2× depreciation
FY26 3.8% · 0.8%
Working capital, % of added revenue · tax
104.4% · 28.9%
381 working-capital days · effective 28.9%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
0.30 crore
0.30 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
34
41
50
60
72
87
growth %
20.3
20.5
20.5
20.5
20.5
20.5
EBITDA
4
5
6
8
9
11
Depreciation
(1)
(2)
(2)
(2)
(3)
(3)
NOPAT
2
3
3
4
5
6
less capex
(0)
(0)
(1)
(2)
(3)
(4)
less working-capital build
—
(7)
(9)
(11)
(13)
(15)
Free cash flow to firm
—
(3)
(5)
(6)
(8)
(11)
Present value
(3)
(4)
(5)
(6)
(7)
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 · ELEGANT MARBLES & GRANI INDUST · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(24)
PV of the terminal value (—% of EV)
(110)
Enterprise value
(134)
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
(127)
÷ 0.30 crore shares
₹(429)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(444)
(481)
(526)
(580)
(648)
10.5%
(406)
(437)
(473)
(516)
(570)
11.0%
(373)
(399)
(429)
(464)
(507)
11.5%
(344)
(366)
(392)
(421)
(456)
12.0%
(319)
(338)
(360)
(385)
(414)
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
