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Model Note · GOLKUNDA DIAMONDS & JEWELLERY · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GOLKUNDA DIAMONDS & JEWELLERY Discounted cash flow · base FY26
GOLKUNDA DIAMONDS & JEWELLERY
Value per share, this model₹176
CMP, 8 Oct 2026₹310.00
Difference(43.3)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of GOLKUNDA DIAMONDS & JEWELLERY, built on its filed FY26 standalone 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
11.5% a year
FY26 11.5% · 5-yr CAGR 10.2%
EBITDA margin
7.8%
FY26 7.8% · 5-yr average 6.9%
Depreciation · capex, % of revenue
0.4% · 0.2%, fading to 1.2× depreciation
FY26 0.4% · 0.2%
Working capital, % of added revenue · tax
29.8% · 25.9%
109 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹32 · ₹0 · ₹0 cr
FY26 net debt ₹32 cr
Shares
0.70 crore
0.70 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
282
314
350
390
435
485
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
22
24
27
30
34
38
Depreciation
(1)
(1)
(1)
(2)
(2)
(2)
NOPAT
15
17
19
21
24
27
less capex
(1)
(1)
(1)
(1)
(2)
(2)
less working-capital build
—
(10)
(11)
(12)
(13)
(15)
Free cash flow to firm
—
8
9
10
10
11
Present value
8
8
7
7
7
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 · GOLKUNDA DIAMONDS & JEWELLERY · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
37
PV of the terminal value (76% of EV)
117
Enterprise value
154
less net debt
(32)
less non-controlling interest
0
add non-operating investments
0
Equity value
122
÷ 0.70 crore shares
₹176
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
183
200
220
245
276
10.5%
166
180
196
216
240
11.0%
150
162
176
192
212
11.5%
137
147
159
172
188
12.0%
126
135
144
156
169
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
