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Model Note · ROYALE MANOR HOTELS & INDUSTRI · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ROYALE MANOR HOTELS & INDUSTRI Discounted cash flow · base FY26
ROYALE MANOR HOTELS & INDUSTRI
Value per share, this model₹2
CMP 2026-09-20₹28.20
Difference(92.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ROYALE MANOR HOTELS & INDUSTRI, 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
-3.5% a year
FY26 (3.4)% · 5-yr CAGR 24.0%
EBITDA margin
15.6%
FY26 15.6% · 5-yr average 20.3%
Depreciation · capex, % of revenue
6.5% · 26.6%, fading to 1.2× depreciation
FY26 6.5% · 26.6%
Working capital, % of added revenue · tax
5.6% · 27.9%
20 working-capital days · effective 27.9%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2 · ₹0 · ₹0 cr
FY26 net debt ₹2 cr
Shares
1.98 crore
1.98 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
22
22
21
20
19
19
growth %
(3.4)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
3
3
3
3
3
3
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
1
1
1
1
1
1
less capex
(6)
(6)
(5)
(3)
(2)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(3)
(2)
(1)
0
1
Present value
(3)
(2)
(1)
0
1
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 · ROYALE MANOR HOTELS & INDUSTRI · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(4)
PV of the terminal value (164% of EV)
11
Enterprise value
6
less net debt
(2)
less non-controlling interest
0
add non-operating investments
0
Equity value
4
÷ 1.98 crore shares
₹2
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2
3
4
4
5
10.5%
2
2
3
4
4
11.0%
1
2
2
3
3
11.5%
1
1
2
2
3
12.0%
1
1
1
2
2
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
