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Model Note · GHV INFRA PROJECTS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GHV INFRA PROJECTS LIMITED Discounted cash flow · base FY26
GHV INFRA PROJECTS LIMITED
Value per share, this model₹178
CMP, 8 Oct 2026₹252.00
Difference(29.4)%
Growth the CMP implies15.7%/yr
This note states the assumptions and the arithmetic of one model of GHV INFRA PROJECTS 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
16%
FY26 16.0% · 5-yr average 16.0%
Depreciation · capex, % of revenue
0.3% · 0.5%, fading to 1.2× depreciation
FY26 0.3% · 0.5%
Working capital, % of added revenue · tax
0.1% · 24.1%
1 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹183 · ₹0 · ₹0 cr
FY26 net debt ₹183 cr
Shares
7.21 crore
7.21 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
615
665
718
775
837
904
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
99
106
115
124
134
145
Depreciation
(2)
(2)
(2)
(2)
(3)
(3)
NOPAT
73
79
86
92
100
108
less capex
(3)
(3)
(3)
(3)
(3)
(3)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
78
84
91
99
107
Present value
74
72
70
69
67
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 · GHV INFRA PROJECTS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
352
PV of the terminal value (76% of EV)
1,113
Enterprise value
1,465
less net debt
(183)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,282
÷ 7.21 crore shares
₹178
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
185
200
218
241
269
10.5%
168
181
196
214
237
11.0%
155
165
178
193
210
11.5%
143
152
162
175
189
12.0%
132
140
149
159
171
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
