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Model Note · INOX INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INOX INDIA LIMITED Discounted cash flow · base FY26
INOX INDIA LIMITED
Value per share, this model₹396
CMP 2026-09-10₹2,242.50
Difference(82.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INOX INDIA LIMITED, 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
21.5% a year
FY26 21.5% · 5-yr CAGR —%
EBITDA margin
21.4%
FY26 21.4% · 5-yr average 22.0%
Depreciation · capex, % of revenue
2.1% · 6.7%, fading to 1.2× depreciation
FY26 2.1% · 6.7%
Working capital, % of added revenue · tax
40% · 24.6%
146 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹53 · ₹0 · ₹0 cr
FY26 net debt ₹53 cr
Shares
9.08 crore
9.08 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
1,587
1,928
2,343
2,847
3,459
4,202
growth %
21.5
21.5
21.5
21.5
21.5
21.5
EBITDA
340
413
501
609
740
899
Depreciation
(34)
(40)
(49)
(60)
(73)
(88)
NOPAT
231
281
341
414
503
612
less capex
(106)
(129)
(132)
(131)
(123)
(106)
less working-capital build
—
(136)
(166)
(201)
(245)
(297)
Free cash flow to firm
—
55
92
141
208
296
Present value
53
79
109
144
185
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 · INOX INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
570
PV of the terminal value (84% of EV)
3,078
Enterprise value
3,648
less net debt
(53)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,595
÷ 9.08 crore shares
₹396
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
410
444
485
534
596
10.5%
375
403
436
476
525
11.0%
345
369
396
429
468
11.5%
319
339
362
389
421
12.0%
296
313
333
356
383
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
