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Model Note · GALLANTT ISPAT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GALLANTT ISPAT LIMITED Discounted cash flow · base FY26
GALLANTT ISPAT LIMITED
Value per share, this model₹253
CMP 2026-09-10₹550.00
Difference(54.0)%
Growth the CMP implies28.5%/yr
This note states the assumptions and the arithmetic of one model of GALLANTT ISPAT LIMITED, 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
3% a year
FY26 2.9% · 5-yr CAGR 34.4%
EBITDA margin
16.2%
FY26 16.2% · 5-yr average 11.5%
Depreciation · capex, % of revenue
2.9% · 7.9%, fading to 1.2× depreciation
FY26 2.9% · 7.9%
Working capital, % of added revenue · tax
12.6% · 19.8%
46 working-capital days · effective 19.8%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹446 · ₹0 · ₹0 cr
FY26 net debt ₹446 cr
Shares
24.13 crore
24.13 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
4,419
4,551
4,688
4,829
4,974
5,123
growth %
2.9
3.0
3.0
3.0
3.0
3.0
EBITDA
716
737
759
782
806
830
Depreciation
(130)
(132)
(136)
(140)
(144)
(149)
NOPAT
470
485
500
515
531
546
less capex
(348)
(360)
(319)
(275)
(228)
(178)
less working-capital build
—
(17)
(17)
(18)
(18)
(19)
Free cash flow to firm
—
241
300
363
428
498
Present value
229
257
279
297
311
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 · GALLANTT ISPAT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,374
PV of the terminal value (79% of EV)
5,171
Enterprise value
6,545
less net debt
(446)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,099
÷ 24.13 crore shares
₹253
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
262
283
309
340
379
10.5%
240
257
278
303
334
11.0%
220
235
253
273
298
11.5%
204
217
231
248
269
12.0%
189
200
213
227
244
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
