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Model Note · GVK POW. & INFRA LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GVK POW. & INFRA LTD. Discounted cash flow · base FY26
GVK POW. & INFRA LTD.
Value per share, this model₹(78)
CMP 2026-09-21₹2.49
Difference(3216.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GVK POW. & INFRA 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
-5% a year
FY26 (90.0)% · 5-yr CAGR (23.6)%
EBITDA margin
-1658.5%
FY26 (1658.5)% · 5-yr average (222.5)%
Depreciation · capex, % of revenue
27.6% · 0%, fading to 1.2× depreciation
FY26 27.6% · 0.0%
Working capital, % of added revenue · tax
0% · 25.17%
-4 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹655 · ₹0 · ₹0 cr
FY26 net debt ₹655 cr
Shares
157.92 crore
157.92 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
81
77
73
69
66
62
growth %
(90.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(1,336)
(1,269)
(1,205)
(1,145)
(1,088)
(1,033)
Depreciation
(22)
(21)
(20)
(19)
(18)
(17)
NOPAT
(1,016)
(965)
(917)
(871)
(828)
(786)
less capex
0
0
(6)
(11)
(16)
(21)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(944)
(903)
(864)
(826)
(790)
Present value
(896)
(772)
(665)
(573)
(494)
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 · GVK POW. & INFRA LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(3,400)
PV of the terminal value (—% of EV)
(8,201)
Enterprise value
(11,601)
less net debt
(655)
less non-controlling interest
0
add non-operating investments
0
Equity value
(12,256)
÷ 157.92 crore shares
₹(78)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(80)
(85)
(91)
(99)
(108)
10.5%
(74)
(79)
(84)
(90)
(97)
11.0%
(70)
(73)
(78)
(83)
(89)
11.5%
(66)
(69)
(72)
(76)
(81)
12.0%
(62)
(65)
(68)
(71)
(75)
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
