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Model Note · GE POWER INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GE POWER INDIA LIMITED Discounted cash flow · base FY26
GE POWER INDIA LIMITED
Value per share, this model₹825
CMP 2026-09-10₹652.25
Difference26.5%
Growth the CMP implies9.9%/yr
This note states the assumptions and the arithmetic of one model of GE POWER INDIA 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
21% a year
FY26 21.2% · 5-yr CAGR (17.6)%
EBITDA margin
18.3%
FY26 18.3% · 5-yr average (6.6)%
Depreciation · capex, % of revenue
1% · 0.2%, fading to 1.2× depreciation
FY26 1.0% · 0.2%
Working capital, % of added revenue · tax
28.3% · 2%
103 working-capital days · effective 2.0%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(425) · ₹0 · ₹0 cr
FY26 net debt ₹(425) cr
Shares
6.72 crore
6.72 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
1,269
1,536
1,859
2,249
2,721
3,292
growth %
21.2
21.0
21.0
21.0
21.0
21.0
EBITDA
232
281
340
412
498
603
Depreciation
(12)
(15)
(19)
(22)
(27)
(33)
NOPAT
215
260
315
381
461
558
less capex
(2)
(3)
(8)
(16)
(26)
(40)
less working-capital build
—
(75)
(91)
(110)
(134)
(162)
Free cash flow to firm
—
197
234
278
329
390
Present value
187
200
214
228
244
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 · GE POWER INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,073
PV of the terminal value (79% of EV)
4,049
Enterprise value
5,123
less net debt
425
less non-controlling interest
0
add non-operating investments
0
Equity value
5,548
÷ 6.72 crore shares
₹825
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
851
911
983
1,071
1,181
10.5%
788
838
897
968
1,054
11.0%
734
776
825
883
953
11.5%
688
723
765
813
870
12.0%
647
678
713
753
801
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
