The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · GE VERNOVA T&D INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GE VERNOVA T&D INDIA LTD Discounted cash flow · base FY26
GE VERNOVA T&D INDIA LTD
Value per share, this model₹1,425
CMP 2026-09-10₹4,548.10
Difference(68.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GE VERNOVA T&D INDIA 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
30% a year
FY26 44.6% · 5-yr CAGR 12.4%
EBITDA margin
26.1%
FY26 26.1% · 5-yr average 11.7%
Depreciation · capex, % of revenue
0.7% · 3%, fading to 1.2× depreciation
FY26 0.7% · 3.0%
Working capital, % of added revenue · tax
29.3% · 25.2%
107 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,525) · ₹0 · ₹0 cr
FY26 net debt ₹(1,525) cr
Shares
25.61 crore
25.61 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
6,206
8,068
10,489
13,635
17,726
23,044
growth %
44.6
30.0
30.0
30.0
30.0
30.0
EBITDA
1,620
2,106
2,738
3,559
4,626
6,014
Depreciation
(46)
(56)
(73)
(95)
(124)
(161)
NOPAT
1,177
1,533
1,993
2,591
3,368
4,378
less capex
(188)
(242)
(258)
(262)
(245)
(194)
less working-capital build
—
(546)
(709)
(922)
(1,199)
(1,558)
Free cash flow to firm
—
802
1,099
1,502
2,049
2,788
Present value
761
940
1,157
1,422
1,743
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 VERNOVA T&D INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,023
PV of the terminal value (83% of EV)
28,952
Enterprise value
34,975
less net debt
1,525
less non-controlling interest
0
add non-operating investments
0
Equity value
36,500
÷ 25.61 crore shares
₹1,425
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,473
1,586
1,721
1,886
2,093
10.5%
1,355
1,449
1,560
1,692
1,855
11.0%
1,255
1,334
1,425
1,534
1,665
11.5%
1,168
1,235
1,312
1,403
1,509
12.0%
1,092
1,150
1,215
1,291
1,380
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
