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Model Note · GANDHI SPL. TUBES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GANDHI SPL. TUBES LTD Discounted cash flow · base FY26
GANDHI SPL. TUBES LTD
Value per share, this model₹973
CMP 2026-09-10₹886.55
Difference9.7%
Growth the CMP implies7.8%/yr
This note states the assumptions and the arithmetic of one model of GANDHI SPL. TUBES 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
11% a year
FY26 11.1% · 5-yr CAGR 11.1%
EBITDA margin
43.1%
FY26 43.1% · 5-yr average 38.4%
Depreciation · capex, % of revenue
1.8% · 1%, fading to 1.2× depreciation
FY26 1.8% · 1.0%
Working capital, % of added revenue · tax
38.6% · 24.9%
141 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 0.9
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(5) cr
Shares
1.22 crore
1.22 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
192
213
236
262
291
323
growth %
11.1
11.0
11.0
11.0
11.0
11.0
EBITDA
83
92
102
113
125
139
Depreciation
(3)
(4)
(4)
(5)
(5)
(6)
NOPAT
59
66
73
81
90
100
less capex
(2)
(2)
(3)
(4)
(5)
(7)
less working-capital build
—
(8)
(9)
(10)
(11)
(12)
Free cash flow to firm
—
60
65
72
79
87
Present value
57
56
55
55
54
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 · GANDHI SPL. TUBES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
277
PV of the terminal value (76% of EV)
900
Enterprise value
1,177
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
1,182
÷ 1.22 crore shares
₹973
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,005
1,079
1,168
1,276
1,411
10.5%
927
989
1,061
1,148
1,255
11.0%
861
913
973
1,044
1,130
11.5%
804
848
898
957
1,027
12.0%
753
791
834
884
942
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
