The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · GRASIM INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRASIM INDUSTRIES LTD Discounted cash flow · base FY26
GRASIM INDUSTRIES LTD
Value per share, this model₹522
CMP 2026-09-10₹3,281.90
Difference(84.1)%
Growth the CMP implies34.6%/yr
This note states the assumptions and the arithmetic of one model of GRASIM INDUSTRIES 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
18% a year
FY26 18.2% · 5-yr CAGR 18.1%
EBITDA margin
13.9%
FY26 13.9% · 5-yr average 14.5%
Depreciation · capex, % of revenue
4.4% · 8.9%, fading to 1.2× depreciation
FY26 4.4% · 8.9%
Working capital, % of added revenue · tax
4% · 29.2%
15 working-capital days · effective 29.2%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,22,150 · ₹0 · ₹0 cr
FY26 net debt ₹2,22,150 cr
Shares
68.06 crore
68.06 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
1,75,431
2,07,008
2,44,270
2,88,238
3,40,121
4,01,343
growth %
18.2
18.0
18.0
18.0
18.0
18.0
EBITDA
24,369
28,774
33,953
40,065
47,277
55,787
Depreciation
(7,726)
(9,108)
(10,748)
(12,682)
(14,965)
(17,659)
NOPAT
11,783
13,923
16,430
19,387
22,877
26,994
less capex
(15,626)
(18,424)
(19,529)
(20,436)
(21,036)
(21,191)
less working-capital build
—
(1,263)
(1,490)
(1,759)
(2,075)
(2,449)
Free cash flow to firm
—
3,345
6,158
9,875
14,730
21,014
Present value
3,175
5,265
7,607
10,223
13,139
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 · GRASIM INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
39,409
PV of the terminal value (85% of EV)
2,18,235
Enterprise value
2,57,644
less net debt
(2,22,150)
less non-controlling interest
0
add non-operating investments
0
Equity value
35,494
÷ 68.06 crore shares
₹522
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
655
974
1,358
1,826
2,412
10.5%
322
587
901
1,278
1,738
11.0%
37
261
522
830
1,200
11.5%
(209)
(19)
201
457
760
12.0%
(424)
(260)
(73)
143
394
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
