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Model Note · GILLETTE INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GILLETTE INDIA LTD Discounted cash flow · base FY26
GILLETTE INDIA LTD
Value per share, this model₹8,396
CMP 2026-09-10₹7,305.00
Difference14.9%
Growth the CMP implies25.8%/yr
This note states the assumptions and the arithmetic of one model of GILLETTE 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 38.7% · 5-yr CAGR 14.5%
EBITDA margin
30.4%
FY26 30.4% · 5-yr average 24.6%
Depreciation · capex, % of revenue
2.5% · 1.4%, fading to 1.2× depreciation
FY26 2.5% · 1.4%
Working capital, % of added revenue · tax
8% · 25.7%
29 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(267) · ₹0 · ₹0 cr
FY26 net debt ₹(267) cr
Shares
3.26 crore
3.26 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
3,100
4,029
5,238
6,810
8,853
11,508
growth %
38.7
30.0
30.0
30.0
30.0
30.0
EBITDA
943
1,225
1,592
2,070
2,691
3,499
Depreciation
(79)
(101)
(131)
(170)
(221)
(288)
NOPAT
642
835
1,086
1,412
1,835
2,386
less capex
(43)
(56)
(94)
(150)
(230)
(345)
less working-capital build
—
(74)
(97)
(126)
(163)
(212)
Free cash flow to firm
—
805
1,026
1,306
1,663
2,116
Present value
764
877
1,006
1,154
1,323
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 · GILLETTE INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,125
PV of the terminal value (81% of EV)
21,972
Enterprise value
27,096
less net debt
267
less non-controlling interest
0
add non-operating investments
0
Equity value
27,363
÷ 3.26 crore shares
₹8,396
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
8,681
9,353
10,159
11,145
12,376
10.5%
7,979
8,537
9,197
9,989
10,956
11.0%
7,378
7,848
8,396
9,044
9,822
11.5%
6,858
7,258
7,720
8,258
8,895
12.0%
6,405
6,748
7,141
7,595
8,124
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
