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Model Note · GNG ELECTRONICS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GNG ELECTRONICS LIMITED Discounted cash flow · base FY26
GNG ELECTRONICS LIMITED
Value per share, this model₹139
CMP 2026-09-10₹685.00
Difference(79.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GNG ELECTRONICS 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
10.4%
FY26 10.4% · 5-yr average 10.4%
Depreciation · capex, % of revenue
0.5% · 1.2%, fading to 1.2× depreciation
FY26 0.5% · 1.2%
Working capital, % of added revenue · tax
48.8% · 10.6%
178 working-capital days · effective 10.6%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹337 · ₹0 · ₹0 cr
FY26 net debt ₹337 cr
Shares
11.40 crore
11.40 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
1,891
2,042
2,206
2,382
2,573
2,779
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
196
212
229
248
268
289
Depreciation
(10)
(10)
(11)
(12)
(13)
(14)
NOPAT
166
181
195
211
228
246
less capex
(23)
(25)
(23)
(21)
(19)
(17)
less working-capital build
—
(74)
(80)
(86)
(93)
(100)
Free cash flow to firm
—
93
103
115
128
143
Present value
88
88
89
89
89
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 · GNG ELECTRONICS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
443
PV of the terminal value (77% of EV)
1,482
Enterprise value
1,925
less net debt
(337)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,588
÷ 11.40 crore shares
₹139
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
145
158
173
192
216
10.5%
131
142
155
170
189
11.0%
120
129
139
152
167
11.5%
110
117
126
137
149
12.0%
101
107
115
124
134
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
