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Model Note · GMR POW AND URBAN INFRA L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GMR POW AND URBAN INFRA L Discounted cash flow · base FY26
GMR POW AND URBAN INFRA L
Value per share, this model₹284
CMP 2026-09-10₹94.05
Difference201.5%
Growth the CMP implies(0.2)%/yr
This note states the assumptions and the arithmetic of one model of GMR POW AND URBAN INFRA L, 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
15.5% a year
FY26 15.6% · 5-yr CAGR —%
EBITDA margin
35%
FY26 35.0% · 5-yr average 33.4%
Depreciation · capex, % of revenue
9.1% · 3.2%, fading to 1.2× depreciation
FY26 9.1% · 3.2%
Working capital, % of added revenue · tax
5.3% · 29.5%
20 working-capital days · effective 29.5%
Discount rate
11.00%
1-yr beta 1.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10,943 · ₹0 · ₹0 cr
FY26 net debt ₹10,943 cr
Shares
78.10 crore
78.10 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
7,332
8,468
9,781
11,297
13,048
15,070
growth %
15.6
15.5
15.5
15.5
15.5
15.5
EBITDA
2,568
2,964
3,423
3,954
4,567
5,275
Depreciation
(666)
(771)
(890)
(1,028)
(1,187)
(1,371)
NOPAT
1,341
1,546
1,786
2,063
2,382
2,752
less capex
(238)
(271)
(502)
(798)
(1,173)
(1,646)
less working-capital build
—
(60)
(70)
(80)
(93)
(107)
Free cash flow to firm
—
1,986
2,105
2,213
2,304
2,370
Present value
1,885
1,800
1,705
1,599
1,482
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 · GMR POW AND URBAN INFRA L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
8,470
PV of the terminal value (74% of EV)
24,617
Enterprise value
33,087
less net debt
(10,943)
less non-controlling interest
0
add non-operating investments
0
Equity value
22,144
÷ 78.10 crore shares
₹284
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
297
329
366
413
470
10.5%
264
290
321
358
403
11.0%
236
258
284
314
350
11.5%
211
230
252
277
307
12.0%
190
206
224
246
270
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
