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Model Note · PAGE INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PAGE INDUSTRIES LTD Discounted cash flow · base FY26
PAGE INDUSTRIES LTD
Value per share, this model₹11,718
CMP 2026-09-10₹35,390.00
Difference(66.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PAGE INDUSTRIES 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
6.5% a year
FY26 6.3% · 5-yr CAGR 13.1%
EBITDA margin
21.3%
FY26 21.3% · 5-yr average 20.0%
Depreciation · capex, % of revenue
2% · 2.1%, fading to 1.2× depreciation
FY26 2.0% · 2.1%
Working capital, % of added revenue · tax
17.8% · 25.5%
65 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(255) · ₹0 · ₹0 cr
FY26 net debt ₹(255) cr
Shares
1.12 crore
1.12 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
5,247
5,588
5,951
6,338
6,750
7,189
growth %
6.3
6.5
6.5
6.5
6.5
6.5
EBITDA
1,118
1,190
1,268
1,350
1,438
1,531
Depreciation
(107)
(112)
(119)
(127)
(135)
(144)
NOPAT
753
803
856
911
971
1,034
less capex
(108)
(117)
(129)
(143)
(157)
(173)
less working-capital build
—
(61)
(65)
(69)
(73)
(78)
Free cash flow to firm
—
737
781
827
875
927
Present value
700
667
637
607
579
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 · PAGE INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,191
PV of the terminal value (75% of EV)
9,625
Enterprise value
12,816
less net debt
255
less non-controlling interest
0
add non-operating investments
0
Equity value
13,071
÷ 1.12 crore shares
₹11,718
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
12,095
12,955
13,987
15,248
16,824
10.5%
11,190
11,905
12,749
13,762
15,001
11.0%
10,415
11,017
11,718
12,548
13,543
11.5%
9,744
10,256
10,847
11,536
12,350
12.0%
9,157
9,597
10,100
10,681
11,358
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
