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Model Note · GODREJ AGROVET LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GODREJ AGROVET LIMITED Discounted cash flow · base FY26
GODREJ AGROVET LIMITED
Value per share, this model₹318
CMP 2026-09-10₹675.00
Difference(52.8)%
Growth the CMP implies30.8%/yr
This note states the assumptions and the arithmetic of one model of GODREJ AGROVET 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
9% a year
FY26 9.1% · 5-yr CAGR 10.3%
EBITDA margin
8.1%
FY26 8.1% · 5-yr average 7.5%
Depreciation · capex, % of revenue
2.2% · 2.9%, fading to 1.2× depreciation
FY26 2.2% · 2.9%
Working capital, % of added revenue · tax
3.7% · 29.2%
14 working-capital days · effective 29.2%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,170 · ₹0 · ₹0 cr
FY26 net debt ₹1,170 cr
Shares
19.24 crore
19.24 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
10,233
11,154
12,157
13,252
14,444
15,744
growth %
9.1
9.0
9.0
9.0
9.0
9.0
EBITDA
833
903
985
1,073
1,170
1,275
Depreciation
(229)
(245)
(267)
(292)
(318)
(346)
NOPAT
428
466
508
554
603
658
less capex
(297)
(323)
(345)
(367)
(391)
(416)
less working-capital build
—
(34)
(37)
(40)
(44)
(48)
Free cash flow to firm
—
354
393
438
486
540
Present value
336
336
337
337
338
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 · GODREJ AGROVET LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,685
PV of the terminal value (77% of EV)
5,611
Enterprise value
7,296
less net debt
(1,170)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,126
÷ 19.24 crore shares
₹318
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
331
360
395
438
491
10.5%
301
325
353
387
429
11.0%
274
295
318
346
380
11.5%
252
269
289
312
340
12.0%
232
247
264
283
306
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
