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Model Note · TRIVENI TURBINE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TRIVENI TURBINE LIMITED Discounted cash flow · base FY26
TRIVENI TURBINE LIMITED
Value per share, this model₹170
CMP 2026-09-10₹568.60
Difference(70.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TRIVENI TURBINE LIMITED, 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
8.5% a year
FY26 8.7% · 5-yr CAGR 25.4%
EBITDA margin
19.9%
FY26 19.9% · 5-yr average 24.4%
Depreciation · capex, % of revenue
1.6% · 3.3%, fading to 1.2× depreciation
FY26 1.6% · 3.3%
Working capital, % of added revenue · tax
14.9% · 26.1%
54 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(101) · ₹0 · ₹0 cr
FY26 net debt ₹(101) cr
Shares
31.80 crore
31.80 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
2,181
2,366
2,568
2,786
3,023
3,280
growth %
8.7
8.5
8.5
8.5
8.5
8.5
EBITDA
435
471
511
554
602
653
Depreciation
(34)
(38)
(41)
(45)
(48)
(52)
NOPAT
296
320
347
377
409
444
less capex
(72)
(78)
(76)
(73)
(68)
(63)
less working-capital build
—
(28)
(30)
(33)
(35)
(38)
Free cash flow to firm
—
252
282
316
353
395
Present value
239
242
244
245
247
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 · TRIVENI TURBINE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,216
PV of the terminal value (77% of EV)
4,100
Enterprise value
5,316
less net debt
101
less non-controlling interest
0
add non-operating investments
0
Equity value
5,417
÷ 31.80 crore shares
₹170
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
176
189
204
223
247
10.5%
162
173
186
201
219
11.0%
151
160
170
183
198
11.5%
141
149
157
168
180
12.0%
132
139
146
155
165
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
