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Model Note · GRETEX CORPORATE SERVICES · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRETEX CORPORATE SERVICES Discounted cash flow · base FY26
GRETEX CORPORATE SERVICES
Value per share, this model₹166
CMP 2026-09-10₹600.55
Difference(72.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GRETEX CORPORATE SERVICES, 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
-5% a year
FY26 (31.0)% · 5-yr CAGR —%
EBITDA margin
24%
FY26 24.0% · 5-yr average 21.5%
Depreciation · capex, % of revenue
1.1% · 0.5%, fading to 1.2× depreciation
FY26 1.1% · 0.5%
Working capital, % of added revenue · tax
79.7% · 29.9%
291 working-capital days · effective 29.9%
Discount rate
11.00%
1-yr beta 0.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹9 · ₹0 · ₹0 cr
FY26 net debt ₹9 cr
Shares
2.42 crore
2.42 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
179
170
161
153
145
138
growth %
(31.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
43
41
39
37
35
33
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
29
27
26
25
23
22
less capex
(1)
(1)
(1)
(1)
(2)
(2)
less working-capital build
—
7
7
6
6
6
Free cash flow to firm
—
35
33
31
29
28
Present value
34
28
24
20
17
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 · GRETEX CORPORATE SERVICES · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
124
PV of the terminal value (70% of EV)
287
Enterprise value
411
less net debt
(9)
less non-controlling interest
0
add non-operating investments
0
Equity value
402
÷ 2.42 crore shares
₹166
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
172
184
198
215
237
10.5%
159
169
181
195
212
11.0%
148
157
166
178
192
11.5%
139
146
154
164
175
12.0%
131
137
144
152
161
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
