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Model Note · GARWARE TECH FIBRES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GARWARE TECH FIBRES LTD Discounted cash flow · base FY26
GARWARE TECH FIBRES LTD
Value per share, this model₹242
CMP 2026-09-10₹786.00
Difference(69.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GARWARE TECH FIBRES 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 (0.7)% · 5-yr CAGR 8.1%
EBITDA margin
17.6%
FY26 17.6% · 5-yr average 19.0%
Depreciation · capex, % of revenue
2.3% · 3.7%, fading to 1.2× depreciation
FY26 2.3% · 3.7%
Working capital, % of added revenue · tax
26.7% · 26.3%
97 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(58) · ₹0 · ₹0 cr
FY26 net debt ₹(58) cr
Shares
9.76 crore
9.76 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
1,529
1,521
1,514
1,506
1,498
1,491
growth %
(0.7)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
270
268
266
265
264
262
Depreciation
(34)
(35)
(35)
(35)
(34)
(34)
NOPAT
173
172
171
170
169
168
less capex
(56)
(56)
(52)
(49)
(45)
(41)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
152
155
158
161
163
Present value
145
133
122
111
102
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 TECH FIBRES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
612
PV of the terminal value (73% of EV)
1,696
Enterprise value
2,308
less net debt
58
less non-controlling interest
0
add non-operating investments
0
Equity value
2,366
÷ 9.76 crore shares
₹242
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
250
267
288
313
345
10.5%
232
246
263
283
308
11.0%
216
228
242
259
279
11.5%
203
213
225
239
255
12.0%
191
200
210
221
235
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
