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Model Note · PI INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PI INDUSTRIES LTD Discounted cash flow · base FY26
PI INDUSTRIES LTD
Value per share, this model₹779
CMP 2026-09-10₹2,259.00
Difference(65.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PI 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
-5% a year
FY26 (15.8)% · 5-yr CAGR 8.0%
EBITDA margin
26.9%
FY26 26.9% · 5-yr average 25.2%
Depreciation · capex, % of revenue
6.1% · 16.6%, fading to 1.2× depreciation
FY26 6.1% · 16.6%
Working capital, % of added revenue · tax
38.2% · 22.2%
139 working-capital days · effective 22.2%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(45) · ₹0 · ₹0 cr
FY26 net debt ₹(45) cr
Shares
15.20 crore
15.20 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
6,714
6,378
6,059
5,756
5,468
5,195
growth %
(15.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1,803
1,716
1,630
1,548
1,471
1,397
Depreciation
(407)
(389)
(370)
(351)
(334)
(317)
NOPAT
1,086
1,032
981
931
885
841
less capex
(1,118)
(1,059)
(865)
(688)
(527)
(380)
less working-capital build
—
128
122
116
110
104
Free cash flow to firm
—
491
607
710
801
882
Present value
466
519
547
556
551
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 · PI INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,639
PV of the terminal value (78% of EV)
9,157
Enterprise value
11,796
less net debt
45
less non-controlling interest
0
add non-operating investments
0
Equity value
11,841
÷ 15.20 crore shares
₹779
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
805
865
937
1,025
1,135
10.5%
742
792
851
922
1,008
11.0%
688
730
779
837
906
11.5%
641
677
718
766
823
12.0%
601
631
666
707
754
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
