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Model Note · EXCEL INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EXCEL INDUSTRIES LTD Discounted cash flow · base FY26
EXCEL INDUSTRIES LTD
Value per share, this model₹365
CMP 2026-09-10₹988.70
Difference(63.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EXCEL INDUSTRIES 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
12% a year
FY26 11.9% · 5-yr CAGR 7.9%
EBITDA margin
10%
FY26 10.0% · 5-yr average 11.2%
Depreciation · capex, % of revenue
3.4% · 7.3%, fading to 1.2× depreciation
FY26 3.4% · 7.3%
Working capital, % of added revenue · tax
21.9% · 22.6%
80 working-capital days · effective 22.6%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(13) · ₹0 · ₹0 cr
FY26 net debt ₹(13) cr
Shares
1.26 crore
1.26 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
1,095
1,226
1,373
1,538
1,722
1,929
growth %
11.9
12.0
12.0
12.0
12.0
12.0
EBITDA
110
123
137
154
172
193
Depreciation
(37)
(42)
(47)
(52)
(59)
(66)
NOPAT
56
63
70
79
88
99
less capex
(79)
(89)
(89)
(87)
(84)
(79)
less working-capital build
—
(29)
(32)
(36)
(40)
(45)
Free cash flow to firm
—
(14)
(5)
7
22
40
Present value
(13)
(4)
6
15
25
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 · EXCEL INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
29
PV of the terminal value (94% of EV)
417
Enterprise value
446
less net debt
13
less non-controlling interest
0
add non-operating investments
0
Equity value
459
÷ 1.26 crore shares
₹365
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
378
411
451
500
560
10.5%
344
372
404
443
491
11.0%
315
338
365
397
435
11.5%
290
309
332
359
390
12.0%
268
285
304
326
352
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
