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Model Note · INDRAPRASTHA GAS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDRAPRASTHA GAS LTD Discounted cash flow · base FY26
INDRAPRASTHA GAS LTD
Value per share, this model₹116
CMP 2026-09-10₹151.75
Difference(23.6)%
Growth the CMP implies14.8%/yr
This note states the assumptions and the arithmetic of one model of INDRAPRASTHA GAS 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
8.5% a year
FY26 8.4% · 5-yr CAGR 26.8%
EBITDA margin
10.3%
FY26 10.3% · 5-yr average 14.6%
Depreciation · capex, % of revenue
2.9% · 7.5%, fading to 1.2× depreciation
FY26 2.9% · 7.5%
Working capital, % of added revenue · tax
0% · 26.2%
-2 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(143) · ₹0 · ₹0 cr
FY26 net debt ₹(143) cr
Shares
140.00 crore
140.00 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
17,846
19,363
21,009
22,795
24,732
26,835
growth %
8.4
8.5
8.5
8.5
8.5
8.5
EBITDA
1,844
1,994
2,164
2,348
2,547
2,764
Depreciation
(518)
(562)
(609)
(661)
(717)
(778)
NOPAT
979
1,057
1,147
1,245
1,351
1,465
less capex
(1,347)
(1,452)
(1,365)
(1,251)
(1,109)
(934)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
167
392
654
959
1,310
Present value
158
335
504
665
819
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 · INDRAPRASTHA GAS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,482
PV of the terminal value (85% of EV)
13,603
Enterprise value
16,085
less net debt
143
less non-controlling interest
0
add non-operating investments
0
Equity value
16,228
÷ 140.00 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
120
130
141
155
173
10.5%
110
118
127
139
153
11.0%
101
108
116
125
136
11.5%
94
100
106
114
123
12.0%
87
92
98
104
112
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
