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Model Note · ORKLA INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ORKLA INDIA LIMITED Discounted cash flow · base FY26
ORKLA INDIA LIMITED
Value per share, this model₹349
CMP 2026-09-10₹587.50
Difference(40.6)%
Growth the CMP implies24.6%/yr
This note states the assumptions and the arithmetic of one model of ORKLA INDIA 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
16%
FY26 16.0% · 5-yr average 16.0%
Depreciation · capex, % of revenue
2.2% · 0.9%, fading to 1.2× depreciation
FY26 2.2% · 0.9%
Working capital, % of added revenue · tax
8.9% · 25.3%
33 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(23) · ₹0 · ₹0 cr
FY26 net debt ₹(23) cr
Shares
13.70 crore
13.70 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
2,509
2,710
2,927
3,161
3,414
3,687
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
402
434
468
506
546
590
Depreciation
(54)
(60)
(64)
(70)
(75)
(81)
NOPAT
260
279
302
326
352
380
less capex
(22)
(24)
(39)
(56)
(75)
(97)
less working-capital build
—
(18)
(19)
(21)
(23)
(24)
Free cash flow to firm
—
297
308
319
329
340
Present value
282
263
245
228
212
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 · ORKLA INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,231
PV of the terminal value (74% of EV)
3,526
Enterprise value
4,757
less net debt
23
less non-controlling interest
0
add non-operating investments
0
Equity value
4,780
÷ 13.70 crore shares
₹349
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
360
386
417
454
501
10.5%
333
355
380
410
447
11.0%
310
328
349
374
403
11.5%
290
305
323
343
368
12.0%
272
286
301
318
338
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
