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Model Note · FINOLEX CABLES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FINOLEX CABLES LTD Discounted cash flow · base FY26
FINOLEX CABLES LTD
Value per share, this model₹791
CMP 2026-09-10₹1,433.00
Difference(44.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FINOLEX CABLES 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
19% a year
FY26 18.8% · 5-yr CAGR 18.0%
EBITDA margin
13%
FY26 13.0% · 5-yr average 15.0%
Depreciation · capex, % of revenue
0.9% · 2.4%, fading to 1.2× depreciation
FY26 0.9% · 2.4%
Working capital, % of added revenue · tax
18.5% · 23.1%
68 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(144) · ₹0 · ₹0 cr
FY26 net debt ₹(144) cr
Shares
15.30 crore
15.30 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
6,321
7,522
8,951
10,652
12,676
15,084
growth %
18.8
19.0
19.0
19.0
19.0
19.0
EBITDA
824
978
1,164
1,385
1,648
1,961
Depreciation
(59)
(68)
(81)
(96)
(114)
(136)
NOPAT
588
700
833
991
1,179
1,404
less capex
(154)
(181)
(185)
(185)
(179)
(163)
less working-capital build
—
(222)
(264)
(315)
(374)
(446)
Free cash flow to firm
—
365
464
587
740
931
Present value
346
397
452
514
582
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 · FINOLEX CABLES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,291
PV of the terminal value (81% of EV)
9,667
Enterprise value
11,958
less net debt
144
less non-controlling interest
0
add non-operating investments
0
Equity value
12,102
÷ 15.30 crore shares
₹791
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
818
881
957
1,049
1,164
10.5%
752
804
866
941
1,031
11.0%
696
740
791
852
925
11.5%
647
685
728
778
838
12.0%
604
637
674
716
766
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
