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Model Note · PRAKASH INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRAKASH INDUSTRIES LTD Discounted cash flow · base FY26
PRAKASH INDUSTRIES LTD
Value per share, this model₹173
CMP 2026-09-10₹123.60
Difference39.9%
Growth the CMP implies(14.6)%/yr
This note states the assumptions and the arithmetic of one model of PRAKASH 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 (13.3)% · 5-yr CAGR 1.6%
EBITDA margin
14.8%
FY26 14.8% · 5-yr average 12.6%
Depreciation · capex, % of revenue
4.8% · 11.1%, fading to 1.2× depreciation
FY26 4.8% · 11.1%
Working capital, % of added revenue · tax
16.2% · -0.7%
59 working-capital days · effective (0.7)%
Discount rate
11.00%
1-yr beta 1.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹499 · ₹0 · ₹0 cr
FY26 net debt ₹499 cr
Shares
17.91 crore
17.91 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
3,479
3,305
3,139
2,983
2,833
2,692
growth %
(13.3)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
513
489
465
441
419
398
Depreciation
(168)
(159)
(151)
(143)
(136)
(129)
NOPAT
348
333
316
300
285
271
less capex
(387)
(367)
(307)
(251)
(201)
(155)
less working-capital build
—
28
27
25
24
23
Free cash flow to firm
—
153
187
218
244
268
Present value
145
160
168
170
168
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 · PRAKASH INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
810
PV of the terminal value (77% of EV)
2,785
Enterprise value
3,595
less net debt
(499)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,096
÷ 17.91 crore shares
₹173
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
180
195
214
236
265
10.5%
163
176
191
210
232
11.0%
149
160
173
188
206
11.5%
137
147
157
170
184
12.0%
127
135
144
154
166
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
