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Model Note · G M BREWERIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
G M BREWERIES LTD Discounted cash flow · base FY26
G M BREWERIES LTD
Value per share, this model₹1,162
CMP 2026-09-10₹909.00
Difference27.9%
Growth the CMP implies2.0%/yr
This note states the assumptions and the arithmetic of one model of G M BREWERIES 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 —% · 5-yr CAGR —%
EBITDA margin
6.1%
FY26 6.1% · 5-yr average 6.1%
Depreciation · capex, % of revenue
0.2% · 0%, fading to 1.2× depreciation
FY26 0.2% · 0.0%
Working capital, % of added revenue · tax
0.8% · 23.7%
3 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
2.29 crore
2.29 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
2,977
3,215
3,472
3,750
4,050
4,374
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
181
196
212
229
247
267
Depreciation
(5)
(6)
(7)
(7)
(8)
(9)
NOPAT
134
145
156
169
182
197
less capex
0
0
(2)
(4)
(7)
(10)
less working-capital build
—
(2)
(2)
(2)
(2)
(3)
Free cash flow to firm
—
149
159
170
181
193
Present value
142
136
131
125
120
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 · G M BREWERIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
654
PV of the terminal value (75% of EV)
2,000
Enterprise value
2,654
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
2,656
÷ 2.29 crore shares
₹1,162
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,200
1,288
1,392
1,520
1,680
10.5%
1,109
1,181
1,267
1,370
1,495
11.0%
1,030
1,091
1,162
1,246
1,347
11.5%
962
1,014
1,074
1,144
1,226
12.0%
903
947
998
1,057
1,126
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
