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Model Note · POWER GRID CORP. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
POWER GRID CORP. LTD. Discounted cash flow · base FY26
POWER GRID CORP. LTD.
Value per share, this model₹198
CMP 2026-09-10₹269.10
Difference(26.5)%
Growth the CMP implies6.6%/yr
This note states the assumptions and the arithmetic of one model of POWER GRID CORP. 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
2% a year
FY26 2.1% · 5-yr CAGR 3.3%
EBITDA margin
81.3%
FY26 81.3% · 5-yr average 87.2%
Depreciation · capex, % of revenue
27.9% · 79.8%, fading to 1.2× depreciation
FY26 27.9% · 79.8%
Working capital, % of added revenue · tax
27.5% · -7.9%
100 working-capital days · effective (7.9)%
Discount rate
11.00%
1-yr beta 0.53
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,42,728 · ₹0 · ₹0 cr
FY26 net debt ₹1,42,728 cr
Shares
930.06 crore
930.06 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
46,733
47,668
48,621
49,593
50,585
51,597
growth %
2.1
2.0
2.0
2.0
2.0
2.0
EBITDA
37,979
38,754
39,529
40,319
41,126
41,948
Depreciation
(13,030)
(13,299)
(13,565)
(13,837)
(14,113)
(14,396)
NOPAT
26,920
27,465
28,015
28,575
29,146
29,729
less capex
(37,279)
(38,039)
(33,169)
(28,090)
(22,794)
(17,275)
less working-capital build
—
(257)
(262)
(267)
(273)
(278)
Free cash flow to firm
—
2,469
8,149
14,054
20,193
26,572
Present value
2,343
6,968
10,827
14,014
16,614
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 · POWER GRID CORP. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
50,766
PV of the terminal value (84% of EV)
2,75,962
Enterprise value
3,26,728
less net debt
(1,42,728)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,84,000
÷ 930.06 crore shares
₹198
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
210
240
275
319
373
10.5%
179
204
233
268
310
11.0%
153
174
198
226
261
11.5%
130
148
168
192
220
12.0%
110
125
143
163
186
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
