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Model Note · GOKUL AGRO RESOURCES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GOKUL AGRO RESOURCES LTD Discounted cash flow · base FY26
GOKUL AGRO RESOURCES LTD
Value per share, this model₹499
CMP 2026-09-10₹226.90
Difference119.9%
Growth the CMP implies2.0%/yr
This note states the assumptions and the arithmetic of one model of GOKUL AGRO RESOURCES 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
23% a year
FY26 23.2% · 5-yr CAGR 23.5%
EBITDA margin
2.8%
FY26 2.8% · 5-yr average 2.5%
Depreciation · capex, % of revenue
0.2% · 0.4%, fading to 1.2× depreciation
FY26 0.2% · 0.4%
Working capital, % of added revenue · tax
1.1% · 23.7%
4 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹418 · ₹0 · ₹0 cr
FY26 net debt ₹418 cr
Shares
29.51 crore
29.51 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
24,077
29,615
36,426
44,804
55,109
67,784
growth %
23.2
23.0
23.0
23.0
23.0
23.0
EBITDA
676
829
1,020
1,255
1,543
1,898
Depreciation
(57)
(59)
(73)
(90)
(110)
(136)
NOPAT
473
587
723
889
1,093
1,345
less capex
(106)
(118)
(131)
(143)
(154)
(163)
less working-capital build
—
(61)
(75)
(92)
(113)
(139)
Free cash flow to firm
—
467
589
743
936
1,178
Present value
444
504
572
649
737
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 · GOKUL AGRO RESOURCES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,906
PV of the terminal value (81% of EV)
12,236
Enterprise value
15,142
less net debt
(418)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,724
÷ 29.51 crore shares
₹499
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
517
558
607
668
744
10.5%
473
508
548
597
656
11.0%
436
465
499
539
587
11.5%
404
429
457
490
530
12.0%
376
398
422
450
482
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
