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Model Note · PEARL GLOBAL IND LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PEARL GLOBAL IND LIMITED Discounted cash flow · base FY26
PEARL GLOBAL IND LIMITED
Value per share, this model₹1,218
CMP 2026-09-10₹1,192.20
Difference2.1%
Growth the CMP implies10.5%/yr
This note states the assumptions and the arithmetic of one model of PEARL GLOBAL IND 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
11.5% a year
FY26 11.5% · 5-yr CAGR 27.5%
EBITDA margin
9.2%
FY26 9.2% · 5-yr average 8.2%
Depreciation · capex, % of revenue
1.7% · 3.7%, fading to 1.2× depreciation
FY26 1.7% · 3.7%
Working capital, % of added revenue · tax
11.8% · 12.7%
43 working-capital days · effective 12.7%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(18) · ₹0 · ₹0 cr
FY26 net debt ₹(18) cr
Shares
4.62 crore
4.62 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
5,025
5,602
6,247
6,965
7,766
8,659
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
463
515
575
641
714
797
Depreciation
(87)
(95)
(106)
(118)
(132)
(147)
NOPAT
328
367
409
456
508
567
less capex
(187)
(207)
(205)
(200)
(191)
(177)
less working-capital build
—
(68)
(76)
(85)
(95)
(105)
Free cash flow to firm
—
187
234
290
355
432
Present value
177
200
223
247
270
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 · PEARL GLOBAL IND LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,117
PV of the terminal value (80% of EV)
4,488
Enterprise value
5,605
less net debt
18
less non-controlling interest
0
add non-operating investments
0
Equity value
5,623
÷ 4.62 crore shares
₹1,218
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,259
1,356
1,472
1,614
1,791
10.5%
1,158
1,238
1,333
1,447
1,587
11.0%
1,071
1,139
1,218
1,311
1,423
11.5%
996
1,053
1,120
1,198
1,289
12.0%
930
980
1,036
1,102
1,178
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
