This note states the assumptions and the arithmetic of one model of GODAWARI POW & ISP 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
0% a year
FY26 0.1% · 5-yr CAGR 5.7%
EBITDA margin
22.9%
FY26 22.9% · 5-yr average 25.1%
Depreciation · capex, % of revenue
3.3% · 19.4%, fading to 1.2× depreciation
FY26 3.3% · 19.4%
Working capital, % of added revenue · tax
11.4% · 27.2%
42 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹121 · ₹0 · ₹0 cr
FY26 net debt ₹121 cr
Shares
65.06 crore
65.06 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
5,381
5,381
5,381
5,381
5,381
5,381
growth %
0.1
0.0
0.0
0.0
0.0
0.0
EBITDA
1,235
1,232
1,232
1,232
1,232
1,232
Depreciation
(178)
(178)
(178)
(178)
(178)
(178)
NOPAT
769
768
768
768
768
768
less capex
(1,042)
(1,044)
(836)
(628)
(421)
(213)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(99)
109
317
525
732
Present value
(94)
93
244
364
458
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 · GODAWARI POW & ISP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,066
PV of the terminal value (88% of EV)
7,605
Enterprise value
8,670
less net debt
(121)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,549
÷ 65.06 crore shares
₹131
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
136
148
162
179
200
10.5%
124
134
145
159
176
11.0%
114
122
131
143
156
11.5%
105
112
120
129
140
12.0%
97
103
110
118
127
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
