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Model Note · IFB INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IFB INDUSTRIES LTD Discounted cash flow · base FY26
IFB INDUSTRIES LTD
Value per share, this model₹605
CMP 2026-09-10₹1,300.50
Difference(53.5)%
Growth the CMP implies35.4%/yr
This note states the assumptions and the arithmetic of one model of IFB INDUSTRIES 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
10.5% a year
FY26 10.4% · 5-yr CAGR 14.9%
EBITDA margin
5.4%
FY26 5.4% · 5-yr average 4.3%
Depreciation · capex, % of revenue
2.2% · 1.9%, fading to 1.2× depreciation
FY26 2.2% · 1.9%
Working capital, % of added revenue · tax
1.4% · 25.2%
5 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(105) · ₹0 · ₹0 cr
FY26 net debt ₹(105) cr
Shares
4.13 crore
4.13 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
5,619
6,210
6,862
7,582
8,378
9,258
growth %
10.4
10.5
10.5
10.5
10.5
10.5
EBITDA
304
335
371
409
452
500
Depreciation
(122)
(137)
(151)
(167)
(184)
(204)
NOPAT
136
149
164
181
201
222
less capex
(109)
(118)
(143)
(172)
(206)
(244)
less working-capital build
—
(8)
(9)
(10)
(11)
(12)
Free cash flow to firm
—
159
163
166
168
169
Present value
151
139
128
117
105
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 · IFB INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
640
PV of the terminal value (73% of EV)
1,750
Enterprise value
2,391
less net debt
105
less non-controlling interest
0
add non-operating investments
0
Equity value
2,496
÷ 4.13 crore shares
₹605
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
623
666
716
778
856
10.5%
579
614
655
705
766
11.0%
541
570
605
645
694
11.5%
507
533
562
596
636
12.0%
479
500
525
553
587
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
