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Model Note · GHCL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GHCL LIMITED Discounted cash flow · base FY26
GHCL LIMITED
Value per share, this model₹529
CMP 2026-09-10₹421.00
Difference25.7%
Growth the CMP implies(10.2)%/yr
This note states the assumptions and the arithmetic of one model of GHCL 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
-3.5% a year
FY26 (3.7)% · 5-yr CAGR 1.1%
EBITDA margin
22.5%
FY26 22.5% · 5-yr average 28.2%
Depreciation · capex, % of revenue
3.6% · 8.6%, fading to 1.2× depreciation
FY26 3.6% · 8.6%
Working capital, % of added revenue · tax
16% · 26.4%
58 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18 · ₹0 · ₹0 cr
FY26 net debt ₹18 cr
Shares
9.21 crore
9.21 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
3,064
2,957
2,853
2,754
2,657
2,564
growth %
(3.7)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
689
665
642
620
598
577
Depreciation
(111)
(106)
(103)
(99)
(96)
(92)
NOPAT
425
411
397
383
370
357
less capex
(264)
(254)
(215)
(178)
(143)
(111)
less working-capital build
—
17
17
16
15
15
Free cash flow to firm
—
281
301
320
337
353
Present value
266
258
247
234
221
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 · GHCL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,226
PV of the terminal value (75% of EV)
3,667
Enterprise value
4,893
less net debt
(18)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,875
÷ 9.21 crore shares
₹529
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
547
586
634
692
765
10.5%
505
538
577
623
681
11.0%
469
497
529
567
613
11.5%
438
462
489
521
558
12.0%
411
431
454
481
512
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
