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Model Note · GODREJ CONSUMER PRODUCTS · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GODREJ CONSUMER PRODUCTS Discounted cash flow · base FY26
GODREJ CONSUMER PRODUCTS
Value per share, this model₹281
CMP 2026-09-10₹865.00
Difference(67.6)%
Growth the CMP implies37.0%/yr
This note states the assumptions and the arithmetic of one model of GODREJ CONSUMER PRODUCTS, 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
5.5% a year
FY26 5.7% · 5-yr CAGR 6.6%
EBITDA margin
19.3%
FY26 19.3% · 5-yr average 16.1%
Depreciation · capex, % of revenue
1.8% · 3.8%, fading to 1.2× depreciation
FY26 1.8% · 3.8%
Working capital, % of added revenue · tax
7.9% · 28.1%
29 working-capital days · effective 28.1%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹3,159 · ₹0 · ₹0 cr
FY26 net debt ₹3,159 cr
Shares
102.32 crore
102.32 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
15,178
16,013
16,893
17,823
18,803
19,837
growth %
5.7
5.5
5.5
5.5
5.5
5.5
EBITDA
2,923
3,090
3,260
3,440
3,629
3,829
Depreciation
(268)
(288)
(304)
(321)
(338)
(357)
NOPAT
1,909
2,015
2,126
2,243
2,366
2,496
less capex
(570)
(608)
(573)
(531)
(483)
(428)
less working-capital build
—
(66)
(70)
(73)
(77)
(82)
Free cash flow to firm
—
1,629
1,787
1,959
2,144
2,343
Present value
1,546
1,528
1,509
1,488
1,465
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 CONSUMER PRODUCTS · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7,536
PV of the terminal value (76% of EV)
24,332
Enterprise value
31,867
less net debt
(3,159)
less non-controlling interest
0
add non-operating investments
0
Equity value
28,708
÷ 102.32 crore shares
₹281
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
291
315
343
378
421
10.5%
266
286
309
337
371
11.0%
245
261
281
303
331
11.5%
226
240
257
276
298
12.0%
210
222
236
252
271
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
