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Model Note · R R I L LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
R R I L LTD. Discounted cash flow · base FY26
R R I L LTD.
Value per share, this model₹5
CMP 2026-09-10₹16.11
Difference(71.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of R R I L 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
8% a year
FY26 8.1% · 5-yr CAGR 66.9%
EBITDA margin
8.5%
FY26 8.5% · 5-yr average 8.8%
Depreciation · capex, % of revenue
1.5% · 5.3%, fading to 1.2× depreciation
FY26 1.5% · 5.3%
Working capital, % of added revenue · tax
22.1% · 22.7%
81 working-capital days · effective 22.7%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18 · ₹0 · ₹0 cr
FY26 net debt ₹18 cr
Shares
12.12 crore
12.12 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
122
132
142
154
166
179
growth %
8.1
8.0
8.0
8.0
8.0
8.0
EBITDA
10
11
12
13
14
15
Depreciation
(2)
(2)
(2)
(2)
(2)
(3)
NOPAT
7
7
8
8
9
10
less capex
(6)
(7)
(6)
(5)
(4)
(3)
less working-capital build
—
(2)
(2)
(3)
(3)
(3)
Free cash flow to firm
—
(0)
1
3
4
6
Present value
(0)
1
2
3
4
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 · R R I L LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
10
PV of the terminal value (87% of EV)
65
Enterprise value
75
less net debt
(18)
less non-controlling interest
0
add non-operating investments
0
Equity value
57
÷ 12.12 crore shares
₹5
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5
5
6
7
8
10.5%
4
5
5
6
7
11.0%
4
4
5
5
6
11.5%
3
4
4
5
5
12.0%
3
3
4
4
4
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
