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Model Note · GAME CHANGERS TEXFAB LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GAME CHANGERS TEXFAB LIMITED Discounted cash flow · base FY26
GAME CHANGERS TEXFAB LIMITED
Value per share, this model₹151
CMP 2026-09-10₹109.25
Difference38.3%
Growth the CMP implies(16.8)%/yr
This note states the assumptions and the arithmetic of one model of GAME CHANGERS TEXFAB 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
19.5%
FY26 19.5% · 5-yr average 19.5%
Depreciation · capex, % of revenue
1% · 2.1%, fading to 1.2× depreciation
FY26 1.0% · 2.1%
Working capital, % of added revenue · tax
45.7% · 25.9%
167 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹9 · ₹0 · ₹0 cr
FY26 net debt ₹9 cr
Shares
1.79 crore
1.79 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
139
150
162
175
189
204
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
27
29
32
34
37
40
Depreciation
(1)
(1)
(2)
(2)
(2)
(2)
NOPAT
19
21
22
24
26
28
less capex
(3)
(3)
(3)
(3)
(3)
(2)
less working-capital build
—
(5)
(5)
(6)
(6)
(7)
Free cash flow to firm
—
14
15
17
19
21
Present value
13
13
13
13
13
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 · GAME CHANGERS TEXFAB LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
65
PV of the terminal value (77% of EV)
214
Enterprise value
279
less net debt
(9)
less non-controlling interest
0
add non-operating investments
0
Equity value
270
÷ 1.79 crore shares
₹151
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
156
168
183
200
222
10.5%
144
154
165
179
197
11.0%
133
141
151
163
176
11.5%
124
131
139
149
160
12.0%
116
122
129
137
146
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
