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Model Note · GK ENERGY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GK ENERGY LIMITED Discounted cash flow · base FY26
GK ENERGY LIMITED
Value per share, this model₹182
CMP 2026-09-10₹127.52
Difference42.7%
Growth the CMP implies(9.1)%/yr
This note states the assumptions and the arithmetic of one model of GK ENERGY 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
18%
FY26 18.0% · 5-yr average 18.0%
Depreciation · capex, % of revenue
0.2% · 5.8%, fading to 1.2× depreciation
FY26 0.2% · 5.8%
Working capital, % of added revenue · tax
29.9% · 25.5%
109 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(130) · ₹0 · ₹0 cr
FY26 net debt ₹(130) cr
Shares
20.28 crore
20.28 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
1,715
1,853
2,001
2,161
2,334
2,520
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
309
333
360
389
420
454
Depreciation
(4)
(4)
(4)
(4)
(5)
(5)
NOPAT
228
246
265
287
309
334
less capex
(99)
(107)
(88)
(65)
(38)
(6)
less working-capital build
—
(41)
(44)
(48)
(52)
(56)
Free cash flow to firm
—
101
137
178
224
277
Present value
96
117
137
156
173
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 · GK ENERGY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
679
PV of the terminal value (81% of EV)
2,881
Enterprise value
3,560
less net debt
130
less non-controlling interest
0
add non-operating investments
0
Equity value
3,690
÷ 20.28 crore shares
₹182
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
188
202
219
240
266
10.5%
173
185
199
215
236
11.0%
160
170
182
196
212
11.5%
150
158
168
179
192
12.0%
140
147
155
165
176
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
