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Model Note · GUJ IND POW CO. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GUJ IND POW CO. LTD Discounted cash flow · base FY19
GUJ IND POW CO. LTD
Value per share, this model₹238
CMP 2026-09-10₹200.45
Difference18.5%
Growth the CMP implies1.5%/yr
This note states the assumptions and the arithmetic of one model of GUJ IND POW CO. LTD, built on its filed FY19 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
8% a year
FY19 —% · 5-yr CAGR —%
EBITDA margin
29%
FY19 29.0% · 5-yr average 29.0%
Depreciation · capex, % of revenue
12% · 0%, fading to 1.2× depreciation
FY19 12.0% · 0.0%
Working capital, % of added revenue · tax
16.2% · 16.9%
59 working-capital days · effective 16.9%
Discount rate
11.00%
1-yr beta 1.35
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(202) · ₹0 · ₹0 cr
FY19 net debt ₹(202) cr
Shares
15.52 crore
15.52 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
1,407
1,520
1,642
1,773
1,915
2,068
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
409
441
476
514
555
600
Depreciation
(168)
(182)
(197)
(213)
(230)
(248)
NOPAT
200
215
232
250
270
292
less capex
0
0
(59)
(128)
(207)
(298)
less working-capital build
—
(18)
(20)
(21)
(23)
(25)
Free cash flow to firm
—
379
350
314
270
218
Present value
360
299
242
188
136
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 · GUJ IND POW CO. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,225
PV of the terminal value (65% of EV)
2,261
Enterprise value
3,486
less net debt
202
less non-controlling interest
0
add non-operating investments
0
Equity value
3,688
÷ 15.52 crore shares
₹238
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
244
259
276
298
324
10.5%
229
241
255
272
293
11.0%
216
226
238
252
268
11.5%
204
213
223
234
248
12.0%
194
201
210
220
231
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
