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Model Note · PVR INOX LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PVR INOX LIMITED Discounted cash flow · base FY26
PVR INOX LIMITED
Value per share, this model₹1,299
CMP 2026-09-10₹1,232.10
Difference5.4%
Growth the CMP implies13.5%/yr
This note states the assumptions and the arithmetic of one model of PVR INOX 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
15% a year
FY26 15.0% · 5-yr CAGR 88.4%
EBITDA margin
30.8%
FY26 30.8% · 5-yr average 24.5%
Depreciation · capex, % of revenue
19.1% · 3.9%, fading to 1.2× depreciation
FY26 19.1% · 3.9%
Working capital, % of added revenue · tax
0% · 22.4%
-14 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹170 · ₹0 · ₹0 cr
FY26 net debt ₹170 cr
Shares
9.82 crore
9.82 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
6,646
7,643
8,790
10,108
11,624
13,368
growth %
15.0
15.0
15.0
15.0
15.0
15.0
EBITDA
2,047
2,354
2,707
3,113
3,580
4,117
Depreciation
(1,270)
(1,460)
(1,679)
(1,931)
(2,220)
(2,553)
NOPAT
602
694
798
918
1,055
1,214
less capex
(259)
(298)
(761)
(1,355)
(2,112)
(3,064)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,856
1,716
1,493
1,164
703
Present value
1,761
1,467
1,150
808
440
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 · PVR INOX LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,626
PV of the terminal value (56% of EV)
7,301
Enterprise value
12,928
less net debt
(170)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,758
÷ 9.82 crore shares
₹1,299
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,336
1,410
1,499
1,608
1,744
10.5%
1,256
1,317
1,390
1,478
1,584
11.0%
1,187
1,239
1,299
1,371
1,456
11.5%
1,127
1,171
1,222
1,281
1,351
12.0%
1,074
1,112
1,155
1,205
1,264
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
