This note states the assumptions and the arithmetic of one model of GULF OIL LUB. IND. 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
11.5% a year
FY26 11.7% · 5-yr CAGR —%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 12.5%
Depreciation · capex, % of revenue
1.7% · 1.3%, fading to 1.2× depreciation
FY26 1.7% · 1.3%
Working capital, % of added revenue · tax
11.6% · 25.6%
42 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(622) · ₹0 · ₹0 cr
FY26 net debt ₹(622) cr
Shares
4.95 crore
4.95 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
4,056
4,522
5,043
5,622
6,269
6,990
growth %
11.7
11.5
11.5
11.5
11.5
11.5
EBITDA
491
547
610
680
759
846
Depreciation
(69)
(77)
(86)
(96)
(107)
(119)
NOPAT
314
350
390
435
485
541
less capex
(51)
(59)
(75)
(94)
(116)
(143)
less working-capital build
—
(54)
(60)
(67)
(75)
(84)
Free cash flow to firm
—
314
341
369
400
433
Present value
298
291
285
278
271
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 · GULF OIL LUB. IND. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,423
PV of the terminal value (76% of EV)
4,502
Enterprise value
5,924
less net debt
622
less non-controlling interest
0
add non-operating investments
0
Equity value
6,546
÷ 4.95 crore shares
₹1,322
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,362
1,452
1,561
1,694
1,860
10.5%
1,266
1,342
1,431
1,537
1,668
11.0%
1,185
1,248
1,322
1,409
1,514
11.5%
1,114
1,168
1,230
1,303
1,389
12.0%
1,052
1,099
1,152
1,213
1,284
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
