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Model Note · ORIENT CEMENT LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ORIENT CEMENT LTD. Discounted cash flow · base FY26
ORIENT CEMENT LTD.
Value per share, this model₹229
CMP 2026-09-10₹125.30
Difference82.8%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of ORIENT CEMENT 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
3% a year
FY26 3.1% · 5-yr CAGR 3.7%
EBITDA margin
19.3%
FY26 19.3% · 5-yr average 15.7%
Depreciation · capex, % of revenue
8.3% · 1.1%, fading to 1.2× depreciation
FY26 8.3% · 1.1%
Working capital, % of added revenue · tax
21.3% · -6.1%
78 working-capital days · effective (6.1)%
Discount rate
11.00%
1-yr beta 1.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹22 · ₹0 · ₹0 cr
FY26 net debt ₹22 cr
Shares
21.00 crore
21.00 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
2,793
2,877
2,963
3,052
3,144
3,238
growth %
3.1
3.0
3.0
3.0
3.0
3.0
EBITDA
539
555
572
589
607
625
Depreciation
(231)
(239)
(246)
(253)
(261)
(269)
NOPAT
327
336
346
356
367
378
less capex
(32)
(32)
(98)
(169)
(243)
(323)
less working-capital build
—
(18)
(18)
(19)
(20)
(20)
Free cash flow to firm
—
525
475
422
365
304
Present value
498
406
325
253
190
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 · ORIENT CEMENT LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,673
PV of the terminal value (65% of EV)
3,158
Enterprise value
4,831
less net debt
(22)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,809
÷ 21.00 crore shares
₹229
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
236
251
269
291
318
10.5%
220
232
247
265
286
11.0%
206
217
229
243
261
11.5%
194
203
214
226
240
12.0%
184
192
200
211
222
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
