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Model Note · INTL GEMOLOGICAL INST LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INTL GEMOLOGICAL INST LTD Discounted cash flow · base FY26
INTL GEMOLOGICAL INST LTD
Value per share, this model₹301
CMP 2026-09-10₹314.95
Difference(4.4)%
Growth the CMP implies9.2%/yr
This note states the assumptions and the arithmetic of one model of INTL GEMOLOGICAL INST 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% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
60.9%
FY26 60.9% · 5-yr average 60.9%
Depreciation · capex, % of revenue
3.5% · 5.1%, fading to 1.2× depreciation
FY26 3.5% · 5.1%
Working capital, % of added revenue · tax
14.8% · 26.6%
54 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(82) · ₹0 · ₹0 cr
FY26 net debt ₹(82) cr
Shares
43.22 crore
43.22 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
1,598
1,725
1,864
2,013
2,174
2,347
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
973
1,051
1,135
1,226
1,324
1,430
Depreciation
(56)
(60)
(65)
(70)
(76)
(82)
NOPAT
673
727
785
848
916
989
less capex
(82)
(88)
(91)
(94)
(96)
(99)
less working-capital build
—
(19)
(20)
(22)
(24)
(26)
Free cash flow to firm
—
680
739
803
872
947
Present value
646
632
618
605
592
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 · INTL GEMOLOGICAL INST LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,093
PV of the terminal value (76% of EV)
9,834
Enterprise value
12,927
less net debt
82
less non-controlling interest
0
add non-operating investments
0
Equity value
13,009
÷ 43.22 crore shares
₹301
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
311
334
361
394
436
10.5%
287
306
328
355
388
11.0%
267
283
301
323
349
11.5%
249
262
278
296
318
12.0%
234
245
258
274
292
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
