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Model Note · PNGS REVA DIAMOND JEWEL L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PNGS REVA DIAMOND JEWEL L Discounted cash flow · base FY26
PNGS REVA DIAMOND JEWEL L
Value per share, this model₹278
CMP 2026-09-10₹517.15
Difference(46.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PNGS REVA DIAMOND JEWEL L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
21.6%
FY26 21.6% · 5-yr average 21.6%
Depreciation · capex, % of revenue
0.2% · 0.5%, fading to 1.2× depreciation
FY26 0.2% · 0.5%
Working capital, % of added revenue · tax
72.4% · 25.2%
264 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹52 · ₹0 · ₹0 cr
FY26 net debt ₹52 cr
Shares
3.17 crore
3.17 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
439
474
512
553
597
645
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
95
102
111
119
129
139
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
71
76
82
89
96
103
less capex
(2)
(2)
(2)
(2)
(2)
(2)
less working-capital build
—
(25)
(27)
(30)
(32)
(35)
Free cash flow to firm
—
49
53
58
63
68
Present value
47
46
45
44
43
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 REVA DIAMOND JEWEL L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
223
PV of the terminal value (76% of EV)
710
Enterprise value
934
less net debt
(52)
less non-controlling interest
0
add non-operating investments
0
Equity value
882
÷ 3.17 crore shares
₹278
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
288
310
337
370
411
10.5%
264
283
305
331
363
11.0%
244
260
278
300
326
11.5%
227
240
256
273
295
12.0%
212
223
236
251
269
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
