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Model Note · ORIENT HOTELS LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ORIENT HOTELS LTD Discounted cash flow · base FY26
ORIENT HOTELS LTD
Value per share, this model₹89
CMP 2026-09-21₹144.13
Difference(38.5)%
Growth the CMP implies24.7%/yr
This note states the assumptions and the arithmetic of one model of ORIENT HOTELS 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
12.5% a year
FY26 12.3% · 5-yr CAGR 33.6%
EBITDA margin
26.6%
FY26 26.6% · 5-yr average 23.1%
Depreciation · capex, % of revenue
7% · 7%, fading to 1.2× depreciation
FY26 7.0% · 7.0%
Working capital, % of added revenue · tax
0.8% · 21.9%
3 working-capital days · effective 21.9%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹86 · ₹0 · ₹0 cr
FY26 net debt ₹86 cr
Shares
17.86 crore
17.86 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
494
556
625
703
791
890
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
132
148
166
187
210
237
Depreciation
(34)
(39)
(44)
(49)
(55)
(62)
NOPAT
76
85
96
108
121
136
less capex
(35)
(39)
(46)
(54)
(64)
(75)
less working-capital build
—
(0)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
85
93
102
112
123
Present value
80
79
79
78
77
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 HOTELS LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
393
PV of the terminal value (76% of EV)
1,277
Enterprise value
1,670
less net debt
(86)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,584
÷ 17.86 crore shares
₹89
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
92
99
107
118
131
10.5%
84
90
97
106
116
11.0%
78
83
89
96
104
11.5%
72
77
81
87
94
12.0%
68
71
75
80
86
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
