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Model Note · GARWARE HI-TECH FILMS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GARWARE HI-TECH FILMS LTD Discounted cash flow · base FY26
GARWARE HI-TECH FILMS LTD
Value per share, this model₹1,748
CMP 2026-09-10₹6,921.00
Difference(74.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GARWARE HI-TECH FILMS 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
0.5% a year
FY26 0.5% · 5-yr CAGR 16.5%
EBITDA margin
20.5%
FY26 20.5% · 5-yr average 18.5%
Depreciation · capex, % of revenue
2.1% · 7.6%, fading to 1.2× depreciation
FY26 2.1% · 7.6%
Working capital, % of added revenue · tax
12.3% · 24.2%
45 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(127) · ₹0 · ₹0 cr
FY26 net debt ₹(127) cr
Shares
2.32 crore
2.32 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
2,120
2,131
2,141
2,152
2,163
2,174
growth %
0.5
0.5
0.5
0.5
0.5
0.5
EBITDA
435
437
439
441
443
446
Depreciation
(45)
(45)
(45)
(45)
(45)
(46)
NOPAT
295
297
299
300
302
303
less capex
(161)
(162)
(136)
(109)
(82)
(55)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
179
207
235
264
293
Present value
170
177
181
183
183
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 · GARWARE HI-TECH FILMS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
894
PV of the terminal value (77% of EV)
3,040
Enterprise value
3,933
less net debt
127
less non-controlling interest
0
add non-operating investments
0
Equity value
4,060
÷ 2.32 crore shares
₹1,748
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,804
1,935
2,091
2,283
2,522
10.5%
1,668
1,776
1,904
2,058
2,245
11.0%
1,550
1,642
1,748
1,874
2,025
11.5%
1,449
1,526
1,616
1,721
1,844
12.0%
1,360
1,427
1,503
1,591
1,694
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
