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 · TAJ GVK HOTELS & RESORTS · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TAJ GVK HOTELS & RESORTS Discounted cash flow · base FY26
TAJ GVK HOTELS & RESORTS
Value per share, this model₹1,508
CMP 2026-09-21₹331.00
Difference355.6%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of TAJ GVK HOTELS & RESORTS, 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
13% a year
FY26 13.1% · 5-yr CAGR 40.1%
EBITDA margin
86.1%
FY26 86.1% · 5-yr average 40.5%
Depreciation · capex, % of revenue
2.9% · 0%, fading to 1.2× depreciation
FY26 2.9% · 0.0%
Working capital, % of added revenue · tax
0% · 8.9%
-18 working-capital days · effective 8.9%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹36 · ₹0 · ₹0 cr
FY26 net debt ₹36 cr
Shares
6.27 crore
6.27 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
508
575
649
734
829
937
growth %
13.1
13.0
13.0
13.0
13.0
13.0
EBITDA
438
495
559
632
714
807
Depreciation
(15)
(17)
(19)
(21)
(24)
(27)
NOPAT
385
435
492
556
628
710
less capex
0
0
(6)
(13)
(22)
(33)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
452
505
565
631
705
Present value
429
432
435
438
441
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 · TAJ GVK HOTELS & RESORTS · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,174
PV of the terminal value (77% of EV)
7,318
Enterprise value
9,492
less net debt
(36)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,456
÷ 6.27 crore shares
₹1,508
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,559
1,675
1,814
1,985
2,198
10.5%
1,436
1,533
1,647
1,784
1,952
11.0%
1,332
1,413
1,508
1,620
1,755
11.5%
1,241
1,311
1,391
1,484
1,594
12.0%
1,162
1,222
1,290
1,368
1,460
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
