This note states the assumptions and the arithmetic of one model of INANI MARBLES & 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
9.5% a year
FY26 9.3% · 5-yr CAGR (5.0)%
EBITDA margin
8%
FY26 8.0% · 5-yr average 8.4%
Depreciation · capex, % of revenue
5.7% · 2.7%, fading to 1.2× depreciation
FY26 5.7% · 2.7%
Working capital, % of added revenue · tax
89.7% · 1.6%
327 working-capital days · effective 1.6%
Discount rate
11.00%
1-yr beta 0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹21 · ₹0 · ₹0 cr
FY26 net debt ₹21 cr
Shares
1.86 crore
1.86 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
47
51
56
61
67
74
growth %
9.3
9.5
9.5
9.5
9.5
9.5
EBITDA
4
4
4
5
5
6
Depreciation
(3)
(3)
(3)
(3)
(4)
(4)
NOPAT
1
1
1
1
2
2
less capex
(1)
(1)
(2)
(3)
(4)
(5)
less working-capital build
—
(4)
(4)
(5)
(5)
(6)
Free cash flow to firm
—
(1)
(2)
(3)
(4)
(5)
Present value
(1)
(2)
(2)
(3)
(3)
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 · INANI MARBLES & INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(11)
PV of the terminal value (—% of EV)
(51)
Enterprise value
(62)
less net debt
(21)
less non-controlling interest
0
add non-operating investments
0
Equity value
(83)
÷ 1.86 crore shares
₹(44)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(46)
(48)
(52)
(56)
(61)
10.5%
(43)
(45)
(48)
(51)
(55)
11.0%
(40)
(42)
(44)
(47)
(50)
11.5%
(38)
(40)
(42)
(44)
(46)
12.0%
(36)
(38)
(39)
(41)
(43)
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
