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 · GREENPLY INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GREENPLY INDUSTRIES LTD Discounted cash flow · base FY26
GREENPLY INDUSTRIES LTD
Value per share, this model₹128
CMP 2026-09-10₹290.00
Difference(55.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GREENPLY 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
10% a year
FY26 10.1% · 5-yr CAGR 18.6%
EBITDA margin
9.3%
FY26 9.3% · 5-yr average 9.5%
Depreciation · capex, % of revenue
2.4% · 5.7%, fading to 1.2× depreciation
FY26 2.4% · 5.7%
Working capital, % of added revenue · tax
11.6% · 22.9%
43 working-capital days · effective 22.9%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹462 · ₹0 · ₹0 cr
FY26 net debt ₹462 cr
Shares
12.49 crore
12.49 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
2,739
3,013
3,314
3,646
4,010
4,411
growth %
10.1
10.0
10.0
10.0
10.0
10.0
EBITDA
256
280
308
339
373
410
Depreciation
(65)
(72)
(80)
(87)
(96)
(106)
NOPAT
148
160
176
194
213
235
less capex
(157)
(172)
(166)
(156)
(144)
(127)
less working-capital build
—
(32)
(35)
(38)
(42)
(47)
Free cash flow to firm
—
29
55
87
124
167
Present value
28
47
67
86
104
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 · GREENPLY INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
332
PV of the terminal value (84% of EV)
1,734
Enterprise value
2,066
less net debt
(462)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,604
÷ 12.49 crore shares
₹128
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
134
148
165
185
210
10.5%
120
131
145
161
181
11.0%
107
117
128
142
158
11.5%
97
105
115
126
139
12.0%
87
95
103
112
123
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
