The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · VADILAL INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VADILAL INDUSTRIES LTD Discounted cash flow · base FY26
VADILAL INDUSTRIES LTD
Value per share, this model₹3,680
CMP 2026-09-10₹6,915.50
Difference(46.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VADILAL INDUSTRIES 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
21.5% a year
FY26 21.4% · 5-yr CAGR 26.5%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 17.0%
Depreciation · capex, % of revenue
3.2% · 0%, fading to 1.2× depreciation
FY26 3.2% · 0.0%
Working capital, % of added revenue · tax
26.1% · 24.5%
95 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 1.15
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹54 · ₹0 · ₹0 cr
FY26 net debt ₹54 cr
Shares
0.72 crore
0.72 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
1,503
1,826
2,219
2,696
3,276
3,980
growth %
21.4
21.5
21.5
21.5
21.5
21.5
EBITDA
249
303
368
448
544
661
Depreciation
(49)
(58)
(71)
(86)
(105)
(127)
NOPAT
151
185
224
273
331
403
less capex
(1)
0
(21)
(52)
(94)
(153)
less working-capital build
—
(84)
(102)
(125)
(151)
(184)
Free cash flow to firm
—
159
172
183
191
193
Present value
151
147
141
132
121
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 · VADILAL INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
692
PV of the terminal value (74% of EV)
2,008
Enterprise value
2,700
less net debt
(54)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,646
÷ 0.72 crore shares
₹3,680
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,802
4,081
4,415
4,823
5,333
10.5%
3,509
3,740
4,014
4,342
4,742
11.0%
3,258
3,453
3,680
3,948
4,270
11.5%
3,040
3,206
3,397
3,620
3,884
12.0%
2,850
2,993
3,155
3,343
3,562
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
