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Model Note · ROBUST HOTELS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ROBUST HOTELS LIMITED Discounted cash flow · base FY26
ROBUST HOTELS LIMITED
Value per share, this model₹184
CMP, 8 Oct 2026₹161.00
Difference14.4%
Growth the CMP implies6.7%/yr
This note states the assumptions and the arithmetic of one model of ROBUST HOTELS LIMITED, built on its filed FY26 standalone 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
9% a year
FY26 8.8% · 5-yr CAGR —%
EBITDA margin
33.3%
FY26 33.3% · 5-yr average 27.9%
Depreciation · capex, % of revenue
11.6% · 2.1%, fading to 1.2× depreciation
FY26 11.6% · 2.1%
Working capital, % of added revenue · tax
0% · 26.6%
-39 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 0.78
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹149 · ₹0 · ₹0 cr
FY26 net debt ₹149 cr
Shares
1.73 crore
1.73 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
148
162
176
192
209
228
growth %
8.8
9.0
9.0
9.0
9.0
9.0
EBITDA
49
54
59
64
70
76
Depreciation
(17)
(19)
(20)
(22)
(24)
(26)
NOPAT
24
26
28
31
33
36
less capex
(3)
(3)
(9)
(15)
(23)
(32)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
41
40
37
35
31
Present value
39
34
29
24
19
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 · ROBUST HOTELS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
145
PV of the terminal value (69% of EV)
322
Enterprise value
468
less net debt
(149)
less non-controlling interest
0
add non-operating investments
0
Equity value
319
÷ 1.73 crore shares
₹184
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
193
211
234
261
295
10.5%
173
188
207
229
255
11.0%
156
169
184
202
224
11.5%
141
153
165
180
198
12.0%
129
138
149
162
176
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
