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Model Note · V R FILMS & STUDIOS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
V R FILMS & STUDIOS LIMITED Discounted cash flow · base FY26
V R FILMS & STUDIOS LIMITED
Value per share, this model₹5
CMP 2026-09-10₹12.25
Difference(61.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of V R FILMS & STUDIOS 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% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
23.4%
FY26 23.4% · 5-yr average 23.4%
Depreciation · capex, % of revenue
8.6% · 0.3%, fading to 1.2× depreciation
FY26 8.6% · 0.3%
Working capital, % of added revenue · tax
83.2% · 23.3%
304 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹6 · ₹0 · ₹0 cr
FY26 net debt ₹6 cr
Shares
1.10 crore
1.10 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
12
13
14
15
16
17
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
3
3
3
3
4
4
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
1
1
2
2
2
2
less capex
(0)
(0)
(0)
(1)
(1)
(2)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
2
2
1
1
1
Present value
2
1
1
1
0
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 · V R FILMS & STUDIOS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5
PV of the terminal value (56% of EV)
6
Enterprise value
11
less net debt
(6)
less non-controlling interest
0
add non-operating investments
0
Equity value
5
÷ 1.10 crore shares
₹5
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5
6
6
7
8
10.5%
4
5
5
6
7
11.0%
4
4
5
5
6
11.5%
3
4
4
5
5
12.0%
3
3
4
4
4
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
