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Model Note · GRAVITA INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRAVITA INDIA LIMITED Discounted cash flow · base FY26
GRAVITA INDIA LIMITED
Value per share, this model₹447
CMP 2026-09-10₹1,688.00
Difference(73.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GRAVITA 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
10% a year
FY26 10.2% · 5-yr CAGR 24.8%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 8.8%
Depreciation · capex, % of revenue
0.9% · 5.1%, fading to 1.2× depreciation
FY26 0.9% · 5.1%
Working capital, % of added revenue · tax
32.5% · 15.6%
119 working-capital days · effective 15.6%
Discount rate
11.00%
1-yr beta 1.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹652 · ₹0 · ₹0 cr
FY26 net debt ₹652 cr
Shares
7.38 crore
7.38 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
4,265
4,692
5,161
5,677
6,245
6,869
growth %
10.2
10.0
10.0
10.0
10.0
10.0
EBITDA
435
479
526
579
637
701
Depreciation
(39)
(42)
(46)
(51)
(56)
(62)
NOPAT
334
368
405
446
490
539
less capex
(216)
(239)
(211)
(175)
(130)
(74)
less working-capital build
—
(139)
(152)
(168)
(185)
(203)
Free cash flow to firm
—
33
88
154
232
324
Present value
31
75
118
161
202
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 · GRAVITA INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
587
PV of the terminal value (85% of EV)
3,363
Enterprise value
3,951
less net debt
(652)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,299
÷ 7.38 crore shares
₹447
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
466
511
566
632
716
10.5%
419
456
501
554
620
11.0%
378
410
447
491
543
11.5%
343
370
401
438
481
12.0%
313
336
363
393
429
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
