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Model Note · RELIANCE POWER LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RELIANCE POWER LTD. Discounted cash flow · base FY26
RELIANCE POWER LTD.
Value per share, this model₹(4)
CMP 2026-09-10₹21.65
Difference(118.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RELIANCE POWER 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
0.5% a year
FY26 0.5% · 5-yr CAGR (0.8)%
EBITDA margin
26%
FY26 26.0% · 5-yr average 37.1%
Depreciation · capex, % of revenue
10.9% · 1.5%, fading to 1.2× depreciation
FY26 10.9% · 1.5%
Working capital, % of added revenue · tax
27.6% · 25.17%
101 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹13,588 · ₹0 · ₹0 cr
FY26 net debt ₹13,588 cr
Shares
413.58 crore
413.58 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
7,620
7,658
7,696
7,735
7,773
7,812
growth %
0.5
0.5
0.5
0.5
0.5
0.5
EBITDA
1,982
1,991
2,001
2,011
2,021
2,031
Depreciation
(829)
(835)
(839)
(843)
(847)
(852)
NOPAT
862
865
870
874
878
883
less capex
(116)
(115)
(338)
(564)
(792)
(1,022)
less working-capital build
—
(11)
(11)
(11)
(11)
(11)
Free cash flow to firm
—
1,575
1,360
1,143
923
702
Present value
1,495
1,163
880
641
439
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 POWER LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,617
PV of the terminal value (61% of EV)
7,287
Enterprise value
11,904
less net debt
(13,588)
less non-controlling interest
0
add non-operating investments
0
Equity value
(1,684)
÷ 413.58 crore shares
₹(4)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(3)
(1)
1
3
6
10.5%
(5)
(4)
(2)
0
3
11.0%
(7)
(6)
(4)
(2)
(0)
11.5%
(8)
(7)
(6)
(4)
(3)
12.0%
(9)
(8)
(7)
(6)
(5)
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
