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Model Note · TGB BANQUETS&HOTELS LTD · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TGB BANQUETS&HOTELS LTD Discounted cash flow · base FY20
TGB BANQUETS&HOTELS LTD
Value per share, this model₹(154)
CMP, 28 Oct 2026₹8.75
Difference(1856.9)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of TGB BANQUETS&HOTELS LTD, built on its filed FY20 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
FY20 (57.9)% · 5-yr CAGR —%
EBITDA margin
-46.4%
FY20 (46.4)% · 5-yr average (53.4)%
Depreciation · capex, % of revenue
9.1% · 0%, fading to 1.2× depreciation
FY20 9.1% · 0.0%
Working capital, % of added revenue · tax
0% · -106%
-52 working-capital days · effective (106.0)%
Discount rate
11.00%
1-yr beta 0.68
After FY25
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹12 · ₹0 · ₹0 cr
FY20 net debt ₹12 cr
Shares
2.93 crore
2.93 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
34
32
30
29
27
26
growth %
(57.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(16)
(15)
(14)
(13)
(13)
(12)
Depreciation
(3)
(3)
(3)
(3)
(2)
(2)
NOPAT
(38)
(36)
(35)
(33)
(31)
(30)
less capex
0
0
(1)
(2)
(2)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(34)
(33)
(32)
(31)
(30)
Present value
(32)
(28)
(25)
(22)
(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 · TGB BANQUETS&HOTELS LTD · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(125)
PV of the terminal value (—% of EV)
(313)
Enterprise value
(438)
less net debt
(12)
less non-controlling interest
0
add non-operating investments
0
Equity value
(450)
÷ 2.93 crore shares
₹(154)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(158)
(169)
(182)
(198)
(217)
10.5%
(147)
(156)
(167)
(179)
(194)
11.0%
(138)
(145)
(154)
(164)
(176)
11.5%
(129)
(136)
(143)
(151)
(162)
12.0%
(122)
(127)
(134)
(141)
(149)
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
