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Model Note · ORIENT GREEN POWER CO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ORIENT GREEN POWER CO LTD Discounted cash flow · base FY26
ORIENT GREEN POWER CO LTD
Value per share, this model₹10
CMP 2026-09-10₹9.34
Difference7.0%
Growth the CMP implies9.6%/yr
This note states the assumptions and the arithmetic of one model of ORIENT GREEN POWER CO 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
11% a year
FY26 11.2% · 5-yr CAGR 2.8%
EBITDA margin
65.9%
FY26 65.9% · 5-yr average 70.9%
Depreciation · capex, % of revenue
29.4% · 65.9%, fading to 1.2× depreciation
FY26 29.4% · 65.9%
Working capital, % of added revenue · tax
26.6% · 0.8%
97 working-capital days · effective 0.8%
Discount rate
11.00%
1-yr beta 1.24
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹438 · ₹0 · ₹0 cr
FY26 net debt ₹438 cr
Shares
117.30 crore
117.30 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
293
325
361
401
445
494
growth %
11.2
11.0
11.0
11.0
11.0
11.0
EBITDA
193
214
238
264
293
325
Depreciation
(86)
(96)
(106)
(118)
(131)
(145)
NOPAT
106
118
131
145
161
179
less capex
(193)
(214)
(210)
(203)
(191)
(174)
less working-capital build
—
(9)
(10)
(11)
(12)
(13)
Free cash flow to firm
—
(10)
17
50
89
137
Present value
(9)
15
38
62
85
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 GREEN POWER CO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
191
PV of the terminal value (88% of EV)
1,420
Enterprise value
1,611
less net debt
(438)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,173
÷ 117.30 crore shares
₹10
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
10
12
13
15
17
10.5%
9
10
11
13
15
11.0%
8
9
10
11
13
11.5%
7
8
9
10
11
12.0%
6
7
8
9
10
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
