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Model Note · LG BALAKRISHNAN & BROS · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LG BALAKRISHNAN & BROS Discounted cash flow · base FY26
LG BALAKRISHNAN & BROS
Value per share, this model₹1,358
CMP 2026-09-10₹1,719.00
Difference(21.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LG BALAKRISHNAN & BROS, 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
19.5% a year
FY26 19.3% · 5-yr CAGR 13.8%
EBITDA margin
15.8%
FY26 15.8% · 5-yr average 17.6%
Depreciation · capex, % of revenue
3.7% · 12.1%, fading to 1.2× depreciation
FY26 3.7% · 12.1%
Working capital, % of added revenue · tax
18.6% · 24.9%
68 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹163 · ₹0 · ₹0 cr
FY26 net debt ₹163 cr
Shares
3.19 crore
3.19 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
3,076
3,675
4,392
5,249
6,272
7,495
growth %
19.3
19.5
19.5
19.5
19.5
19.5
EBITDA
486
581
694
829
991
1,184
Depreciation
(115)
(136)
(163)
(194)
(232)
(277)
NOPAT
279
334
399
477
570
681
less capex
(371)
(445)
(447)
(434)
(399)
(333)
less working-capital build
—
(112)
(133)
(159)
(190)
(227)
Free cash flow to firm
—
(86)
(19)
78
213
398
Present value
(82)
(16)
60
148
249
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 · LG BALAKRISHNAN & BROS · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
359
PV of the terminal value (92% of EV)
4,135
Enterprise value
4,493
less net debt
(163)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,330
÷ 3.19 crore shares
₹1,358
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,410
1,539
1,694
1,884
2,120
10.5%
1,276
1,384
1,510
1,663
1,849
11.0%
1,162
1,252
1,358
1,482
1,632
11.5%
1,063
1,140
1,229
1,333
1,455
12.0%
977
1,044
1,119
1,206
1,308
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
