The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · RELAXO FOOT LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RELAXO FOOT LTD. Discounted cash flow · base FY26
RELAXO FOOT LTD.
Value per share, this model₹79
CMP 2026-09-10₹324.20
Difference(75.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RELAXO FOOT 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
-3% a year
FY26 (3.1)% · 5-yr CAGR 2.8%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 13.8%
Depreciation · capex, % of revenue
5.8% · 5.1%, fading to 1.2× depreciation
FY26 5.8% · 5.1%
Working capital, % of added revenue · tax
21.9% · 25.8%
80 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.32
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
24.89 crore
24.89 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
2,702
2,621
2,542
2,466
2,392
2,320
growth %
(3.1)
(3.0)
(3.0)
(3.0)
(3.0)
(3.0)
EBITDA
374
362
351
340
330
320
Depreciation
(157)
(152)
(147)
(143)
(139)
(135)
NOPAT
161
156
151
146
142
138
less capex
(136)
(134)
(141)
(149)
(155)
(162)
less working-capital build
—
18
17
17
16
16
Free cash flow to firm
—
192
174
157
142
127
Present value
182
149
121
98
79
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 · RELAXO FOOT LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
629
PV of the terminal value (68% of EV)
1,314
Enterprise value
1,944
less net debt
18
less non-controlling interest
0
add non-operating investments
0
Equity value
1,962
÷ 24.89 crore shares
₹79
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
81
86
93
101
110
10.5%
76
80
85
91
99
11.0%
71
75
79
84
90
11.5%
67
70
73
78
83
12.0%
63
66
69
72
77
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
