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Model Note · EXIDE INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EXIDE INDUSTRIES LTD Discounted cash flow · base FY26
EXIDE INDUSTRIES LTD
Value per share, this model₹114
CMP 2026-09-10₹412.85
Difference(72.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EXIDE 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
4.5% a year
FY26 4.4% · 5-yr CAGR 3.3%
EBITDA margin
10.3%
FY26 10.3% · 5-yr average 10.6%
Depreciation · capex, % of revenue
3.3% · 6.4%, fading to 1.2× depreciation
FY26 3.3% · 6.4%
Working capital, % of added revenue · tax
10.6% · 31.2%
39 working-capital days · effective 31.2%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹842 · ₹0 · ₹0 cr
FY26 net debt ₹842 cr
Shares
85.00 crore
85.00 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
17,995
18,805
19,651
20,536
21,460
22,425
growth %
4.4
4.5
4.5
4.5
4.5
4.5
EBITDA
1,860
1,937
2,024
2,115
2,210
2,310
Depreciation
(589)
(621)
(648)
(678)
(708)
(740)
NOPAT
875
906
946
989
1,034
1,080
less capex
(1,153)
(1,204)
(1,138)
(1,064)
(981)
(888)
less working-capital build
—
(86)
(90)
(94)
(98)
(102)
Free cash flow to firm
—
237
367
509
663
830
Present value
225
314
392
460
519
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 · EXIDE INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,910
PV of the terminal value (82% of EV)
8,616
Enterprise value
10,526
less net debt
(842)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,684
÷ 85.00 crore shares
₹114
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
118
128
140
155
174
10.5%
108
116
126
138
152
11.0%
99
106
114
124
135
11.5%
91
97
104
112
121
12.0%
84
89
95
102
110
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
