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Model Note · GODFREY PHILLIPS INDIA LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GODFREY PHILLIPS INDIA LT Discounted cash flow · base FY26
GODFREY PHILLIPS INDIA LT
Value per share, this model₹1,376
CMP 2026-09-10₹1,927.00
Difference(28.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GODFREY PHILLIPS INDIA LT, 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
30% a year
FY26 34.8% · 5-yr CAGR 25.2%
EBITDA margin
17.4%
FY26 17.4% · 5-yr average 18.0%
Depreciation · capex, % of revenue
1.3% · 3.4%, fading to 1.2× depreciation
FY26 1.3% · 3.4%
Working capital, % of added revenue · tax
28.9% · 25%
106 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹91 · ₹0 · ₹0 cr
FY26 net debt ₹91 cr
Shares
15.60 crore
15.60 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
9,121
11,857
15,414
20,039
26,050
33,865
growth %
34.8
30.0
30.0
30.0
30.0
30.0
EBITDA
1,585
2,063
2,682
3,487
4,533
5,893
Depreciation
(121)
(154)
(200)
(261)
(339)
(440)
NOPAT
1,098
1,432
1,861
2,420
3,146
4,089
less capex
(312)
(403)
(453)
(497)
(526)
(528)
less working-capital build
—
(791)
(1,028)
(1,336)
(1,737)
(2,259)
Free cash flow to firm
—
392
580
847
1,221
1,743
Present value
372
496
652
847
1,090
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 · GODFREY PHILLIPS INDIA LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,457
PV of the terminal value (84% of EV)
18,098
Enterprise value
21,555
less net debt
(91)
less non-controlling interest
0
add non-operating investments
0
Equity value
21,464
÷ 15.60 crore shares
₹1,376
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,424
1,540
1,679
1,848
2,060
10.5%
1,304
1,400
1,513
1,650
1,816
11.0%
1,201
1,282
1,376
1,487
1,621
11.5%
1,112
1,180
1,260
1,353
1,462
12.0%
1,034
1,093
1,161
1,239
1,330
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
