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Model Note · PETRONET LNG LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PETRONET LNG LIMITED Discounted cash flow · base FY26
PETRONET LNG LIMITED
Value per share, this model₹241
CMP 2026-09-10₹287.20
Difference(16.2)%
Growth the CMP implies(0.6)%/yr
This note states the assumptions and the arithmetic of one model of PETRONET LNG 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
-5% a year
FY26 (14.7)% · 5-yr CAGR 10.8%
EBITDA margin
12.3%
FY26 12.3% · 5-yr average 10.7%
Depreciation · capex, % of revenue
1.9% · 5.8%, fading to 1.2× depreciation
FY26 1.9% · 5.8%
Working capital, % of added revenue · tax
2.8% · 25.7%
10 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,859) · ₹0 · ₹0 cr
FY26 net debt ₹(1,859) cr
Shares
150.00 crore
150.00 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
43,495
41,320
39,254
37,291
35,427
33,656
growth %
(14.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
5,335
5,082
4,828
4,587
4,358
4,140
Depreciation
(838)
(785)
(746)
(709)
(673)
(639)
NOPAT
3,341
3,193
3,033
2,882
2,738
2,601
less capex
(2,512)
(2,397)
(1,931)
(1,507)
(1,119)
(767)
less working-capital build
—
61
58
55
52
50
Free cash flow to firm
—
1,642
1,906
2,139
2,343
2,522
Present value
1,559
1,629
1,647
1,626
1,577
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 · PETRONET LNG LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
8,039
PV of the terminal value (77% of EV)
26,195
Enterprise value
34,235
less net debt
1,859
less non-controlling interest
0
add non-operating investments
0
Equity value
36,094
÷ 150.00 crore shares
₹241
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
248
266
286
312
344
10.5%
230
244
261
282
307
11.0%
214
226
241
257
278
11.5%
201
211
223
237
253
12.0%
189
198
208
220
233
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
