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Model Note · RAVINDRA ENERGY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAVINDRA ENERGY LIMITED Discounted cash flow · base FY26
RAVINDRA ENERGY LIMITED
Value per share, this model₹117
CMP 2026-09-10₹157.39
Difference(25.7)%
Growth the CMP implies36.3%/yr
This note states the assumptions and the arithmetic of one model of RAVINDRA ENERGY 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
30% a year
FY26 116.9% · 5-yr CAGR 12.3%
EBITDA margin
24.2%
FY26 24.2% · 5-yr average 3.8%
Depreciation · capex, % of revenue
5.2% · 83.8%, fading to 1.2× depreciation
FY26 5.2% · 83.8%
Working capital, % of added revenue · tax
7.9% · -2.8%
29 working-capital days · effective (2.8)%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹411 · ₹0 · ₹0 cr
FY26 net debt ₹411 cr
Shares
19.88 crore
19.88 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
543
706
918
1,193
1,551
2,017
growth %
116.9
30.0
30.0
30.0
30.0
30.0
EBITDA
131
171
222
289
375
488
Depreciation
(28)
(37)
(48)
(62)
(81)
(105)
NOPAT
106
138
179
233
303
394
less capex
(455)
(592)
(591)
(537)
(398)
(126)
less working-capital build
—
(13)
(17)
(22)
(28)
(37)
Free cash flow to firm
—
(430)
(381)
(264)
(42)
336
Present value
(408)
(326)
(203)
(29)
210
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 · RAVINDRA ENERGY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(756)
PV of the terminal value (128% of EV)
3,491
Enterprise value
2,735
less net debt
(411)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,324
÷ 19.88 crore shares
₹117
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
123
141
162
187
219
10.5%
105
120
137
158
183
11.0%
90
103
117
134
154
11.5%
77
88
100
114
130
12.0%
66
75
85
97
111
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
