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Model Note · THE GE SHPG.LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THE GE SHPG.LTD Discounted cash flow · base FY26
THE GE SHPG.LTD
Value per share, this model₹2,176
CMP 2026-09-10₹1,414.00
Difference53.9%
Growth the CMP implies(9.6)%/yr
This note states the assumptions and the arithmetic of one model of THE GE SHPG.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
1.5% a year
FY26 1.6% · 5-yr CAGR 10.1%
EBITDA margin
58.2%
FY26 58.2% · 5-yr average 52.9%
Depreciation · capex, % of revenue
16.4% · 43.9%, fading to 1.2× depreciation
FY26 16.4% · 43.9%
Working capital, % of added revenue · tax
10.4% · 2.8%
38 working-capital days · effective 2.8%
Discount rate
11.00%
1-yr beta 0.61
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3,288) · ₹0 · ₹0 cr
FY26 net debt ₹(3,288) cr
Shares
14.28 crore
14.28 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
5,409
5,490
5,573
5,656
5,741
5,827
growth %
1.6
1.5
1.5
1.5
1.5
1.5
EBITDA
3,148
3,195
3,243
3,292
3,341
3,391
Depreciation
(889)
(900)
(914)
(928)
(942)
(956)
NOPAT
2,196
2,231
2,264
2,298
2,333
2,368
less capex
(2,372)
(2,410)
(2,109)
(1,798)
(1,477)
(1,147)
less working-capital build
—
(8)
(9)
(9)
(9)
(9)
Free cash flow to firm
—
712
1,061
1,419
1,788
2,167
Present value
676
907
1,093
1,241
1,355
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 · THE GE SHPG.LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,272
PV of the terminal value (81% of EV)
22,510
Enterprise value
27,782
less net debt
3,288
less non-controlling interest
0
add non-operating investments
0
Equity value
31,070
÷ 14.28 crore shares
₹2,176
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,243
2,400
2,589
2,819
3,107
10.5%
2,079
2,209
2,364
2,549
2,775
11.0%
1,938
2,048
2,176
2,328
2,510
11.5%
1,816
1,910
2,018
2,144
2,293
12.0%
1,710
1,791
1,883
1,989
2,112
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
