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Model Note · GLOBUS SPIRITS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GLOBUS SPIRITS LTD Discounted cash flow · base FY26
GLOBUS SPIRITS LTD
Value per share, this model₹330
CMP 2026-09-10₹840.00
Difference(60.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GLOBUS SPIRITS 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
2.5% a year
FY26 2.7% · 5-yr CAGR 16.7%
EBITDA margin
7.2%
FY26 7.2% · 5-yr average 8.4%
Depreciation · capex, % of revenue
2.5% · 5.3%, fading to 1.2× depreciation
FY26 2.5% · 5.3%
Working capital, % of added revenue · tax
10.1% · 23%
37 working-capital days · effective 23.0%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹505 · ₹0 · ₹0 cr
FY26 net debt ₹505 cr
Shares
2.91 crore
2.91 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
3,613
3,703
3,796
3,891
3,988
4,088
growth %
2.7
2.5
2.5
2.5
2.5
2.5
EBITDA
258
267
273
280
287
294
Depreciation
(92)
(93)
(95)
(97)
(100)
(102)
NOPAT
128
134
137
141
144
148
less capex
(191)
(196)
(179)
(161)
(143)
(123)
less working-capital build
—
(9)
(9)
(10)
(10)
(10)
Free cash flow to firm
—
21
44
67
92
117
Present value
20
37
52
64
73
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 · GLOBUS SPIRITS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
246
PV of the terminal value (83% of EV)
1,219
Enterprise value
1,465
less net debt
(505)
less non-controlling interest
0
add non-operating investments
0
Equity value
960
÷ 2.91 crore shares
₹330
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
348
390
440
501
578
10.5%
304
339
380
429
489
11.0%
267
296
330
371
419
11.5%
235
260
288
322
361
12.0%
207
228
252
281
313
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
