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Model Note · VA TECH WABAG LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VA TECH WABAG LTD Discounted cash flow · base FY26
VA TECH WABAG LTD
Value per share, this model₹802
CMP 2026-09-10₹2,282.00
Difference(64.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VA TECH WABAG 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
19.5% a year
FY26 19.7% · 5-yr CAGR 6.8%
EBITDA margin
12%
FY26 12.0% · 5-yr average 9.3%
Depreciation · capex, % of revenue
0.2% · 0.1%, fading to 1.2× depreciation
FY26 0.2% · 0.1%
Working capital, % of added revenue · tax
32.9% · 24.3%
120 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(557) · ₹0 · ₹0 cr
FY26 net debt ₹(557) cr
Shares
6.25 crore
6.25 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
3,944
4,713
5,632
6,731
8,043
9,612
growth %
19.7
19.5
19.5
19.5
19.5
19.5
EBITDA
473
566
676
808
965
1,153
Depreciation
(6)
(9)
(11)
(13)
(16)
(19)
NOPAT
353
421
503
601
718
859
less capex
(5)
(5)
(8)
(11)
(16)
(23)
less working-capital build
—
(253)
(302)
(361)
(432)
(516)
Free cash flow to firm
—
173
204
242
286
339
Present value
164
175
186
199
212
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 · VA TECH WABAG LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
935
PV of the terminal value (79% of EV)
3,518
Enterprise value
4,453
less net debt
557
less non-controlling interest
0
add non-operating investments
0
Equity value
5,010
÷ 6.25 crore shares
₹802
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
826
882
949
1,031
1,134
10.5%
767
814
869
935
1,015
11.0%
717
756
802
856
921
11.5%
673
707
745
790
843
12.0%
635
664
697
734
779
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
