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Model Note · OBEROI REALTY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
OBEROI REALTY LIMITED Discounted cash flow · base FY26
OBEROI REALTY LIMITED
Value per share, this model₹743
CMP 2026-09-10₹1,741.10
Difference(57.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of OBEROI REALTY 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
13.5% a year
FY26 13.7% · 5-yr CAGR 24.0%
EBITDA margin
55.5%
FY26 55.5% · 5-yr average 52.3%
Depreciation · capex, % of revenue
2.2% · 10.6%, fading to 1.2× depreciation
FY26 2.2% · 10.6%
Working capital, % of added revenue · tax
166.7% · 23.6%
608 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,641 · ₹0 · ₹0 cr
FY26 net debt ₹2,641 cr
Shares
36.36 crore
36.36 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
6,009
6,820
7,741
8,786
9,972
11,318
growth %
13.7
13.5
13.5
13.5
13.5
13.5
EBITDA
3,335
3,785
4,296
4,876
5,535
6,282
Depreciation
(131)
(150)
(170)
(193)
(219)
(249)
NOPAT
2,448
2,777
3,152
3,578
4,061
4,609
less capex
(637)
(723)
(667)
(582)
(462)
(299)
less working-capital build
—
(1,352)
(1,535)
(1,742)
(1,977)
(2,244)
Free cash flow to firm
—
852
1,121
1,447
1,841
2,315
Present value
809
959
1,115
1,278
1,447
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 · OBEROI REALTY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,608
PV of the terminal value (81% of EV)
24,042
Enterprise value
29,650
less net debt
(2,641)
less non-controlling interest
0
add non-operating investments
0
Equity value
27,009
÷ 36.36 crore shares
₹743
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
771
837
916
1,012
1,133
10.5%
702
757
821
899
994
11.0%
643
689
743
806
883
11.5%
592
631
676
729
792
12.0%
547
581
620
664
716
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
