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Model Note · EVEREADY INDS. IND. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EVEREADY INDS. IND. LTD. Discounted cash flow · base FY26
EVEREADY INDS. IND. LTD.
Value per share, this model₹415
CMP 2026-09-10₹361.10
Difference14.9%
Growth the CMP implies3.9%/yr
This note states the assumptions and the arithmetic of one model of EVEREADY INDS. IND. 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
8% a year
FY26 8.2% · 5-yr CAGR 3.1%
EBITDA margin
14.6%
FY26 14.6% · 5-yr average 11.0%
Depreciation · capex, % of revenue
2.1% · 6.5%, fading to 1.2× depreciation
FY26 2.1% · 6.5%
Working capital, % of added revenue · tax
14.2% · -2.8%
52 working-capital days · effective (2.8)%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹172 · ₹0 · ₹0 cr
FY26 net debt ₹172 cr
Shares
7.27 crore
7.27 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
1,455
1,572
1,698
1,833
1,980
2,138
growth %
8.2
8.0
8.0
8.0
8.0
8.0
EBITDA
212
229
248
268
289
312
Depreciation
(30)
(33)
(36)
(39)
(42)
(45)
NOPAT
187
202
218
236
254
275
less capex
(95)
(102)
(93)
(83)
(70)
(54)
less working-capital build
—
(17)
(18)
(19)
(21)
(22)
Free cash flow to firm
—
116
142
172
206
243
Present value
110
122
133
143
152
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 · EVEREADY INDS. IND. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
660
PV of the terminal value (79% of EV)
2,527
Enterprise value
3,187
less net debt
(172)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,015
÷ 7.27 crore shares
₹415
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
430
464
506
557
620
10.5%
393
422
456
497
547
11.0%
362
386
415
448
488
11.5%
335
356
380
408
440
12.0%
312
330
350
373
401
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
