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Model Note · THE PHOENIX MILLS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THE PHOENIX MILLS LTD Discounted cash flow · base FY26
THE PHOENIX MILLS LTD
Value per share, this model₹971
CMP 2026-09-10₹1,890.00
Difference(48.6)%
Growth the CMP implies33.4%/yr
This note states the assumptions and the arithmetic of one model of THE PHOENIX MILLS 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
16% a year
FY26 16.0% · 5-yr CAGR 32.7%
EBITDA margin
59%
FY26 59.0% · 5-yr average 60.1%
Depreciation · capex, % of revenue
8.1% · 31.6%, fading to 1.2× depreciation
FY26 8.1% · 31.6%
Working capital, % of added revenue · tax
19.9% · 23.4%
73 working-capital days · effective 23.4%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5,114 · ₹0 · ₹0 cr
FY26 net debt ₹5,114 cr
Shares
35.76 crore
35.76 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
4,423
5,130
5,951
6,904
8,008
9,289
growth %
16.0
16.0
16.0
16.0
16.0
16.0
EBITDA
2,608
3,027
3,511
4,073
4,725
5,481
Depreciation
(360)
(416)
(482)
(559)
(649)
(752)
NOPAT
1,722
2,000
2,320
2,692
3,122
3,622
less capex
(1,397)
(1,621)
(1,555)
(1,426)
(1,216)
(903)
less working-capital build
—
(141)
(163)
(189)
(220)
(255)
Free cash flow to firm
—
654
1,084
1,635
2,335
3,216
Present value
621
927
1,260
1,620
2,011
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 PHOENIX MILLS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,439
PV of the terminal value (84% of EV)
33,404
Enterprise value
39,842
less net debt
(5,114)
less non-controlling interest
0
add non-operating investments
0
Equity value
34,728
÷ 35.76 crore shares
₹971
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,010
1,103
1,215
1,351
1,522
10.5%
913
990
1,082
1,191
1,325
11.0%
830
895
971
1,061
1,169
11.5%
758
814
878
952
1,040
12.0%
696
743
798
860
934
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
