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Model Note · GOLDEN TOBACCO LIMITED · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GOLDEN TOBACCO LIMITED Discounted cash flow · base FY21
GOLDEN TOBACCO LIMITED
Value per share, this model₹174
CMP, 28 Oct 2026₹22.15
Difference683.4%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of GOLDEN TOBACCO LIMITED, built on its filed FY21 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
FY21 78.4% · 5-yr CAGR —%
EBITDA margin
19.7%
FY21 19.7% · 5-yr average 36.2%
Depreciation · capex, % of revenue
1.1% · 0%, fading to 1.2× depreciation
FY21 1.1% · 0.0%
Working capital, % of added revenue · tax
12.8% · 0.1%
47 working-capital days · effective 0.1%
Discount rate
11.00%
1-yr beta 0.3
After FY26
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY21 net debt ₹1 cr
Shares
1.76 crore
1.76 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY21
FY22
FY23
FY24
FY25
FY26
Revenue
42
54
71
92
119
155
growth %
78.4
30.0
30.0
30.0
30.0
30.0
EBITDA
8
11
14
18
24
31
Depreciation
(0)
(1)
(1)
(1)
(1)
(2)
NOPAT
8
10
13
17
22
29
less capex
(0)
0
(0)
(1)
(1)
(2)
less working-capital build
—
(2)
(2)
(3)
(4)
(5)
Free cash flow to firm
—
9
12
15
19
24
Present value
9
10
11
13
15
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 · GOLDEN TOBACCO LIMITED · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
58
PV of the terminal value (81% of EV)
248
Enterprise value
306
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
305
÷ 1.76 crore shares
₹174
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
179
194
210
231
257
10.5%
165
176
190
207
227
11.0%
152
162
174
187
203
11.5%
141
150
159
171
184
12.0%
132
139
147
157
168
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
