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Model Note · GARUDA CONSTRUCT N ENG L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GARUDA CONSTRUCT N ENG L Discounted cash flow · base FY26
GARUDA CONSTRUCT N ENG L
Value per share, this model₹567
CMP 2026-09-10₹182.00
Difference211.7%
Growth the CMP implies(0.6)%/yr
This note states the assumptions and the arithmetic of one model of GARUDA CONSTRUCT N ENG L, 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
30% a year
FY26 135.2% · 5-yr CAGR —%
EBITDA margin
30.9%
FY26 30.9% · 5-yr average 30.2%
Depreciation · capex, % of revenue
0.1% · 0%, fading to 1.2× depreciation
FY26 0.1% · 0.0%
Working capital, % of added revenue · tax
8.2% · 25.4%
30 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4 · ₹0 · ₹0 cr
FY26 net debt ₹4 cr
Shares
9.30 crore
9.30 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
531
690
897
1,166
1,516
1,971
growth %
135.2
30.0
30.0
30.0
30.0
30.0
EBITDA
164
213
277
360
468
609
Depreciation
(0)
(1)
(1)
(1)
(2)
(2)
NOPAT
122
159
206
268
348
453
less capex
0
0
(0)
(1)
(1)
(2)
less working-capital build
—
(13)
(17)
(22)
(29)
(37)
Free cash flow to firm
—
146
190
246
320
415
Present value
139
162
190
222
260
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 · GARUDA CONSTRUCT N ENG L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
972
PV of the terminal value (82% of EV)
4,311
Enterprise value
5,283
less net debt
(4)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,279
÷ 9.30 crore shares
₹567
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
587
633
688
756
841
10.5%
539
577
622
677
743
11.0%
497
530
567
612
665
11.5%
462
489
521
558
602
12.0%
431
454
481
512
549
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
