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Model Note · GUJARAT MINERAL DEV CORP · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GUJARAT MINERAL DEV CORP Discounted cash flow · base FY26
GUJARAT MINERAL DEV CORP
Value per share, this model₹161
CMP 2026-09-10₹576.90
Difference(72.1)%
Growth the CMP implies21.5%/yr
This note states the assumptions and the arithmetic of one model of GUJARAT MINERAL DEV CORP, 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 (6.9)% · 5-yr CAGR 14.7%
EBITDA margin
36.4%
FY26 36.4% · 5-yr average 29.5%
Depreciation · capex, % of revenue
4.3% · 39%, fading to 1.2× depreciation
FY26 4.3% · 39.0%
Working capital, % of added revenue · tax
0% · 24.5%
-12 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹214 · ₹0 · ₹0 cr
FY26 net debt ₹214 cr
Shares
31.80 crore
31.80 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
2,653
2,521
2,395
2,275
2,161
2,053
growth %
(6.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
966
918
872
828
787
747
Depreciation
(115)
(108)
(103)
(98)
(93)
(88)
NOPAT
643
611
580
551
524
498
less capex
(1,034)
(983)
(731)
(502)
(294)
(106)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(264)
(48)
147
322
480
Present value
(250)
(41)
113
224
300
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 · GUJARAT MINERAL DEV CORP · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
346
PV of the terminal value (94% of EV)
4,984
Enterprise value
5,330
less net debt
(214)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,116
÷ 31.80 crore shares
₹161
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
167
183
202
224
253
10.5%
151
164
179
198
220
11.0%
137
148
161
176
194
11.5%
125
135
145
158
173
12.0%
115
123
132
143
155
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
