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Model Note · RAMKY INFRA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAMKY INFRA LTD Discounted cash flow · base FY26
RAMKY INFRA LTD
Value per share, this model₹244
CMP 2026-09-10₹333.00
Difference(26.6)%
Growth the CMP implies2.0%/yr
This note states the assumptions and the arithmetic of one model of RAMKY INFRA 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 (9.7)% · 5-yr CAGR 11.8%
EBITDA margin
15.7%
FY26 15.7% · 5-yr average 33.1%
Depreciation · capex, % of revenue
3.1% · 2%, fading to 1.2× depreciation
FY26 3.1% · 2.0%
Working capital, % of added revenue · tax
7.2% · 20.1%
26 working-capital days · effective 20.1%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹442 · ₹0 · ₹0 cr
FY26 net debt ₹442 cr
Shares
6.92 crore
6.92 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
1,846
1,754
1,666
1,583
1,504
1,429
growth %
(9.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
290
275
262
249
236
224
Depreciation
(57)
(54)
(52)
(49)
(47)
(44)
NOPAT
186
177
168
159
151
144
less capex
(36)
(35)
(40)
(45)
(49)
(53)
less working-capital build
—
7
6
6
6
5
Free cash flow to firm
—
203
185
169
154
140
Present value
192
158
130
107
88
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 · RAMKY INFRA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
676
PV of the terminal value (68% of EV)
1,458
Enterprise value
2,134
less net debt
(442)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,692
÷ 6.92 crore shares
₹244
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
254
275
300
331
370
10.5%
232
249
270
295
325
11.0%
213
227
244
265
289
11.5%
196
209
223
240
260
12.0%
182
192
205
219
235
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
