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Model Note · POLYCAB INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
POLYCAB INDIA LIMITED Discounted cash flow · base FY26
POLYCAB INDIA LIMITED
Value per share, this model₹2,695
CMP 2026-09-10₹8,241.00
Difference(67.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of POLYCAB INDIA 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
29% a year
FY26 28.9% · 5-yr CAGR 26.5%
EBITDA margin
13.9%
FY26 13.9% · 5-yr average 12.9%
Depreciation · capex, % of revenue
1.3% · 5.1%, fading to 1.2× depreciation
FY26 1.3% · 5.1%
Working capital, % of added revenue · tax
26% · 25%
95 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(258) · ₹0 · ₹0 cr
FY26 net debt ₹(258) cr
Shares
15.06 crore
15.06 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
28,884
37,260
48,066
62,005
79,986
1,03,182
growth %
28.9
29.0
29.0
29.0
29.0
29.0
EBITDA
4,006
5,179
6,681
8,619
11,118
14,342
Depreciation
(386)
(484)
(625)
(806)
(1,040)
(1,341)
NOPAT
2,715
3,521
4,542
5,859
7,559
9,751
less capex
(1,480)
(1,900)
(2,026)
(2,065)
(1,956)
(1,610)
less working-capital build
—
(2,178)
(2,809)
(3,624)
(4,675)
(6,031)
Free cash flow to firm
—
(73)
332
977
1,968
3,451
Present value
(69)
284
752
1,366
2,158
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 · POLYCAB INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,491
PV of the terminal value (89% of EV)
35,845
Enterprise value
40,335
less net debt
258
less non-controlling interest
0
add non-operating investments
0
Equity value
40,593
÷ 15.06 crore shares
₹2,695
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,792
3,029
3,313
3,661
4,096
10.5%
2,546
2,743
2,975
3,255
3,596
11.0%
2,335
2,501
2,695
2,924
3,198
11.5%
2,154
2,295
2,458
2,648
2,873
12.0%
1,996
2,117
2,256
2,416
2,602
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
