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Model Note · T G V SRAAC LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
T G V SRAAC LTD. Discounted cash flow · base FY26
T G V SRAAC LTD.
Value per share, this model₹100
CMP 2026-09-10₹105.99
Difference(5.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of T G V SRAAC 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
11.5% a year
FY26 11.5% · 5-yr CAGR 14.1%
EBITDA margin
17.9%
FY26 17.9% · 5-yr average 17.2%
Depreciation · capex, % of revenue
8.4% · 16.9%, fading to 1.2× depreciation
FY26 8.4% · 16.9%
Working capital, % of added revenue · tax
14.6% · 26%
53 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹313 · ₹0 · ₹0 cr
FY26 net debt ₹313 cr
Shares
10.71 crore
10.71 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
1,950
2,175
2,425
2,703
3,014
3,361
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
350
389
434
484
540
602
Depreciation
(164)
(183)
(204)
(227)
(253)
(282)
NOPAT
137
153
170
190
212
236
less capex
(330)
(367)
(368)
(365)
(355)
(339)
less working-capital build
—
(33)
(37)
(41)
(45)
(51)
Free cash flow to firm
—
(65)
(31)
12
64
129
Present value
(61)
(26)
9
45
81
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 · T G V SRAAC LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
47
PV of the terminal value (97% of EV)
1,342
Enterprise value
1,389
less net debt
(313)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,076
÷ 10.71 crore shares
₹100
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
105
118
133
151
174
10.5%
92
103
115
130
148
11.0%
81
90
100
112
127
11.5%
72
79
88
98
110
12.0%
64
70
77
86
96
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
