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Model Note · GRANULES INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRANULES INDIA LIMITED Discounted cash flow · base FY26
GRANULES INDIA LIMITED
Value per share, this model₹338
CMP 2026-09-10₹913.80
Difference(63.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GRANULES INDIA LIMITED, 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
19.5% a year
FY26 19.7% · 5-yr CAGR 10.6%
EBITDA margin
21.9%
FY26 21.9% · 5-yr average 20.4%
Depreciation · capex, % of revenue
5.5% · 10.4%, fading to 1.2× depreciation
FY26 5.5% · 10.4%
Working capital, % of added revenue · tax
35.6% · 24.2%
130 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹458 · ₹0 · ₹0 cr
FY26 net debt ₹458 cr
Shares
24.78 crore
24.78 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
5,366
6,412
7,662
9,156
10,942
13,076
growth %
19.7
19.5
19.5
19.5
19.5
19.5
EBITDA
1,175
1,404
1,678
2,005
2,396
2,864
Depreciation
(296)
(353)
(421)
(504)
(602)
(719)
NOPAT
666
797
953
1,138
1,360
1,625
less capex
(558)
(667)
(724)
(778)
(826)
(863)
less working-capital build
—
(372)
(445)
(532)
(636)
(760)
Free cash flow to firm
—
110
205
332
500
722
Present value
105
175
255
347
451
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 · GRANULES INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,334
PV of the terminal value (85% of EV)
7,499
Enterprise value
8,833
less net debt
(458)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,375
÷ 24.78 crore shares
₹338
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
351
381
417
461
516
10.5%
319
344
374
409
453
11.0%
292
313
338
367
402
11.5%
269
287
308
332
360
12.0%
249
264
282
302
326
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
