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Model Note · GPT INFRAPROJECTS LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GPT INFRAPROJECTS LTD Discounted cash flow · base FY26
GPT INFRAPROJECTS LTD
Value per share, this model₹142
CMP 2026-09-21₹118.15
Difference20.4%
Growth the CMP implies4.8%/yr
This note states the assumptions and the arithmetic of one model of GPT INFRAPROJECTS 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
8.5% a year
FY26 8.6% · 5-yr CAGR 16.2%
EBITDA margin
13.5%
FY26 13.5% · 5-yr average 12.0%
Depreciation · capex, % of revenue
2% · 4.2%, fading to 1.2× depreciation
FY26 2.0% · 4.2%
Working capital, % of added revenue · tax
0% · 26%
-12 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹292 · ₹0 · ₹0 cr
FY26 net debt ₹292 cr
Shares
12.64 crore
12.64 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
1,290
1,400
1,519
1,648
1,788
1,940
growth %
8.6
8.5
8.5
8.5
8.5
8.5
EBITDA
174
189
205
222
241
262
Depreciation
(26)
(28)
(30)
(33)
(36)
(39)
NOPAT
110
119
129
140
152
165
less capex
(55)
(59)
(57)
(54)
(51)
(47)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
88
103
119
137
157
Present value
84
88
92
95
98
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 · GPT INFRAPROJECTS LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
456
PV of the terminal value (78% of EV)
1,634
Enterprise value
2,090
less net debt
(292)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,798
÷ 12.64 crore shares
₹142
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
148
161
176
195
219
10.5%
134
145
158
173
191
11.0%
123
132
142
155
170
11.5%
113
120
129
140
152
12.0%
104
111
118
127
137
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
