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Model Note · GUJARAT PIPAVAV PORT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GUJARAT PIPAVAV PORT LTD Discounted cash flow · base FY26
GUJARAT PIPAVAV PORT LTD
Value per share, this model₹248
CMP 2026-09-10₹160.93
Difference53.9%
Growth the CMP implies7.1%/yr
This note states the assumptions and the arithmetic of one model of GUJARAT PIPAVAV PORT 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
17.5% a year
FY26 17.3% · 5-yr CAGR 9.6%
EBITDA margin
62.8%
FY26 62.8% · 5-yr average 55.9%
Depreciation · capex, % of revenue
10.9% · 25.1%, fading to 1.2× depreciation
FY26 10.9% · 25.1%
Working capital, % of added revenue · tax
0% · 26.1%
0 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 1.08
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
48.34 crore
48.34 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
1,158
1,361
1,599
1,879
2,208
2,594
growth %
17.3
17.5
17.5
17.5
17.5
17.5
EBITDA
728
855
1,004
1,180
1,387
1,629
Depreciation
(126)
(148)
(174)
(205)
(241)
(283)
NOPAT
445
522
613
721
847
995
less capex
(290)
(342)
(353)
(359)
(355)
(339)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
329
434
567
732
939
Present value
312
371
437
508
587
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 PIPAVAV PORT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,215
PV of the terminal value (81% of EV)
9,747
Enterprise value
11,962
less net debt
9
less non-controlling interest
0
add non-operating investments
0
Equity value
11,971
÷ 48.34 crore shares
₹248
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
256
276
300
330
367
10.5%
235
252
272
295
324
11.0%
217
231
248
267
290
11.5%
202
214
227
244
263
12.0%
188
198
210
224
239
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
