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Model Note · INGERSOLL-RAND INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INGERSOLL-RAND INDIA LTD Discounted cash flow · base FY26
INGERSOLL-RAND INDIA LTD
Value per share, this model₹1,113
CMP 2026-09-10₹4,570.30
Difference(75.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INGERSOLL-RAND INDIA 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
4% a year
FY26 4.2% · 5-yr CAGR 17.6%
EBITDA margin
23.1%
FY26 23.1% · 5-yr average 22.1%
Depreciation · capex, % of revenue
1.1% · 5.6%, fading to 1.2× depreciation
FY26 1.1% · 5.6%
Working capital, % of added revenue · tax
36.9% · 25.4%
135 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(158) · ₹0 · ₹0 cr
FY26 net debt ₹(158) cr
Shares
3.16 crore
3.16 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
1,392
1,448
1,506
1,566
1,629
1,694
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
322
335
348
362
376
391
Depreciation
(15)
(16)
(17)
(17)
(18)
(19)
NOPAT
229
238
247
257
267
278
less capex
(79)
(81)
(68)
(54)
(39)
(22)
less working-capital build
—
(21)
(21)
(22)
(23)
(24)
Free cash flow to firm
—
152
174
198
223
250
Present value
144
149
152
155
156
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 · INGERSOLL-RAND INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
757
PV of the terminal value (77% of EV)
2,599
Enterprise value
3,356
less net debt
158
less non-controlling interest
0
add non-operating investments
0
Equity value
3,514
÷ 3.16 crore shares
₹1,113
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,149
1,231
1,329
1,449
1,600
10.5%
1,062
1,131
1,211
1,308
1,426
11.0%
989
1,046
1,113
1,192
1,287
11.5%
925
974
1,030
1,096
1,174
12.0%
869
911
959
1,014
1,079
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
