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Model Note · GANESH HOUSING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GANESH HOUSING LIMITED Discounted cash flow · base FY26
GANESH HOUSING LIMITED
Value per share, this model₹427
CMP 2026-09-10₹764.95
Difference(44.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GANESH HOUSING 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
-5% a year
FY26 (46.7)% · 5-yr CAGR 24.4%
EBITDA margin
82.6%
FY26 82.6% · 5-yr average 61.9%
Depreciation · capex, % of revenue
1.3% · 0.7%, fading to 1.2× depreciation
FY26 1.3% · 0.7%
Working capital, % of added revenue · tax
146.8% · 28%
536 working-capital days · effective 28.0%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹298 · ₹0 · ₹0 cr
FY26 net debt ₹298 cr
Shares
8.34 crore
8.34 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
511
486
462
438
417
396
growth %
(46.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
423
401
381
362
344
327
Depreciation
(7)
(6)
(6)
(6)
(5)
(5)
NOPAT
300
284
270
257
244
232
less capex
(4)
(3)
(4)
(5)
(6)
(6)
less working-capital build
—
38
36
34
32
31
Free cash flow to firm
—
325
308
291
276
261
Present value
308
263
224
191
163
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 · GANESH HOUSING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,150
PV of the terminal value (70% of EV)
2,712
Enterprise value
3,863
less net debt
(298)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,565
÷ 8.34 crore shares
₹427
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
442
474
513
561
620
10.5%
408
435
467
505
551
11.0%
378
401
427
459
496
11.5%
353
372
394
420
451
12.0%
331
347
366
388
414
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
