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Model Note · RELIANCE INFRASTRUCTU LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RELIANCE INFRASTRUCTU LTD Discounted cash flow · base FY26
RELIANCE INFRASTRUCTU LTD
Value per share, this model₹(35)
CMP 2026-09-10₹53.66
Difference(165.2)%
Growth the CMP implies23.9%/yr
This note states the assumptions and the arithmetic of one model of RELIANCE INFRASTRUCTU 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 (13.4)% · 5-yr CAGR 4.1%
EBITDA margin
10%
FY26 10.0% · 5-yr average 8.8%
Depreciation · capex, % of revenue
7.2% · 8.3%, fading to 1.2× depreciation
FY26 7.2% · 8.3%
Working capital, % of added revenue · tax
0% · 25.17%
-284 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹3,095 · ₹0 · ₹0 cr
FY26 net debt ₹3,095 cr
Shares
40.87 crore
40.87 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
20,441
19,419
18,448
17,525
16,649
15,816
growth %
(13.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
2,037
1,942
1,845
1,753
1,665
1,582
Depreciation
(1,466)
(1,398)
(1,328)
(1,262)
(1,199)
(1,139)
NOPAT
427
407
387
367
349
331
less capex
(1,693)
(1,612)
(1,547)
(1,484)
(1,424)
(1,367)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
193
168
145
123
104
Present value
183
144
111
86
65
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 · RELIANCE INFRASTRUCTU LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
589
PV of the terminal value (65% of EV)
1,076
Enterprise value
1,665
less net debt
(3,095)
less non-controlling interest
0
add non-operating investments
0
Equity value
(1,430)
÷ 40.87 crore shares
₹(35)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(34)
(31)
(28)
(24)
(19)
10.5%
(37)
(34)
(32)
(29)
(25)
11.0%
(39)
(37)
(35)
(32)
(29)
11.5%
(41)
(39)
(38)
(36)
(33)
12.0%
(43)
(42)
(40)
(38)
(36)
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
