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Model Note · PNGS GARGI FASHION JEWELLERY L · 23 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PNGS GARGI FASHION JEWELLERY L Discounted cash flow · base FY26
PNGS GARGI FASHION JEWELLERY L
Value per share, this model₹546
CMP, 23 Oct 2026₹533.00
Difference2.4%
Growth the CMP implies16.7%/yr
This note states the assumptions and the arithmetic of one model of PNGS GARGI FASHION JEWELLERY L, built on its filed FY26 standalone 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
18% a year
FY26 18.2% · 5-yr CAGR —%
EBITDA margin
26.4%
FY26 26.4% · 5-yr average 25.3%
Depreciation · capex, % of revenue
1.1% · 2.6%, fading to 1.2× depreciation
FY26 1.1% · 2.6%
Working capital, % of added revenue · tax
37.2% · 26.1%
136 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
1.05 crore
1.05 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
149
176
208
245
290
342
growth %
18.2
18.0
18.0
18.0
18.0
18.0
EBITDA
39
47
55
65
76
90
Depreciation
(2)
(2)
(2)
(3)
(3)
(4)
NOPAT
28
33
39
46
54
64
less capex
(4)
(5)
(5)
(5)
(5)
(5)
less working-capital build
—
(10)
(12)
(14)
(16)
(19)
Free cash flow to firm
—
20
25
30
36
44
Present value
19
21
23
25
27
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 · PNGS GARGI FASHION JEWELLERY L · 23 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
116
PV of the terminal value (80% of EV)
454
Enterprise value
570
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
571
÷ 1.05 crore shares
₹546
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
564
607
659
723
802
10.5%
519
555
597
648
710
11.0%
480
510
546
587
637
11.5%
447
472
502
537
578
12.0%
417
439
465
494
528
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
