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Model Note · OSWAL PUMPS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
OSWAL PUMPS LIMITED Discounted cash flow · base FY26
OSWAL PUMPS LIMITED
Value per share, this model₹383
CMP 2026-09-10₹283.00
Difference35.2%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of OSWAL PUMPS 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
30% a year
FY26 44.3% · 5-yr CAGR —%
EBITDA margin
24.8%
FY26 24.8% · 5-yr average 27.1%
Depreciation · capex, % of revenue
0.8% · 6.6%, fading to 1.2× depreciation
FY26 0.8% · 6.6%
Working capital, % of added revenue · tax
57.8% · 22.7%
211 working-capital days · effective 22.7%
Discount rate
11.00%
1-yr beta 1.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹139 · ₹0 · ₹0 cr
FY26 net debt ₹139 cr
Shares
11.40 crore
11.40 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
2,064
2,684
3,489
4,535
5,896
7,665
growth %
44.3
30.0
30.0
30.0
30.0
30.0
EBITDA
513
666
865
1,125
1,462
1,901
Depreciation
(16)
(21)
(28)
(36)
(47)
(61)
NOPAT
384
498
647
841
1,094
1,422
less capex
(137)
(177)
(181)
(171)
(140)
(74)
less working-capital build
—
(358)
(465)
(605)
(786)
(1,022)
Free cash flow to firm
—
(16)
29
101
215
387
Present value
(15)
25
78
149
242
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 · OSWAL PUMPS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
479
PV of the terminal value (89% of EV)
4,023
Enterprise value
4,502
less net debt
(139)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,363
÷ 11.40 crore shares
₹383
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
397
432
474
526
590
10.5%
361
390
424
466
516
11.0%
329
354
383
417
457
11.5%
303
323
348
376
409
12.0%
279
297
318
341
369
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
