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Model Note · PATANJALI FOODS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PATANJALI FOODS LIMITED Discounted cash flow · base FY26
PATANJALI FOODS LIMITED
Value per share, this model₹132
CMP 2026-09-10₹341.00
Difference(61.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PATANJALI FOODS 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
17.5% a year
FY26 17.6% · 5-yr CAGR —%
EBITDA margin
3.9%
FY26 3.9% · 5-yr average 4.8%
Depreciation · capex, % of revenue
0.6% · 2.4%, fading to 1.2× depreciation
FY26 0.6% · 2.4%
Working capital, % of added revenue · tax
18.4% · -34.1%
67 working-capital days · effective (34.1)%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,167 · ₹0 · ₹0 cr
FY26 net debt ₹2,167 cr
Shares
108.79 crore
108.79 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
40,170
47,199
55,459
65,164
76,568
89,968
growth %
17.6
17.5
17.5
17.5
17.5
17.5
EBITDA
1,554
1,841
2,163
2,541
2,986
3,509
Depreciation
(248)
(283)
(333)
(391)
(459)
(540)
NOPAT
1,751
2,089
2,454
2,884
3,388
3,981
less capex
(974)
(1,133)
(1,098)
(1,017)
(873)
(648)
less working-capital build
—
(1,293)
(1,520)
(1,786)
(2,098)
(2,465)
Free cash flow to firm
—
(54)
169
472
877
1,408
Present value
(52)
145
364
608
880
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 · PATANJALI FOODS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,946
PV of the terminal value (88% of EV)
14,621
Enterprise value
16,567
less net debt
(2,167)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,400
÷ 108.79 crore shares
₹132
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
138
151
167
187
212
10.5%
124
135
148
164
183
11.0%
112
121
132
145
161
11.5%
102
110
119
130
142
12.0%
93
100
108
117
127
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
