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Model Note · LA OPALA RG LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LA OPALA RG LIMITED Discounted cash flow · base FY26
LA OPALA RG LIMITED
Value per share, this model₹79
CMP 2026-09-10₹159.60
Difference(50.6)%
Growth the CMP implies23.0%/yr
This note states the assumptions and the arithmetic of one model of LA OPALA RG 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
-5% a year
FY26 (6.9)% · 5-yr CAGR 7.9%
EBITDA margin
36.9%
FY26 36.9% · 5-yr average 36.1%
Depreciation · capex, % of revenue
6.7% · 0.4%, fading to 1.2× depreciation
FY26 6.7% · 0.4%
Working capital, % of added revenue · tax
35.9% · 23.3%
131 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 0.78
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹8 · ₹0 · ₹0 cr
FY26 net debt ₹8 cr
Shares
11.10 crore
11.10 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
309
294
279
265
252
239
growth %
(6.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
114
108
103
98
93
88
Depreciation
(21)
(20)
(19)
(18)
(17)
(16)
NOPAT
71
68
65
61
58
55
less capex
(1)
(1)
(6)
(11)
(15)
(19)
less working-capital build
—
6
5
5
5
5
Free cash flow to firm
—
92
82
73
65
57
Present value
87
70
56
45
35
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 · LA OPALA RG LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
294
PV of the terminal value (67% of EV)
589
Enterprise value
883
less net debt
(8)
less non-controlling interest
0
add non-operating investments
0
Equity value
875
÷ 11.10 crore shares
₹79
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
81
87
93
101
110
10.5%
76
80
85
91
99
11.0%
71
75
79
84
90
11.5%
67
70
73
78
83
12.0%
63
66
69
72
76
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
