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Model Note · VAIBHAV GLOBAL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VAIBHAV GLOBAL LIMITED Discounted cash flow · base FY26
VAIBHAV GLOBAL LIMITED
Value per share, this model₹211
CMP 2026-09-10₹213.40
Difference(1.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VAIBHAV GLOBAL 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
9% a year
FY26 9.2% · 5-yr CAGR 7.8%
EBITDA margin
9.7%
FY26 9.7% · 5-yr average 9.1%
Depreciation · capex, % of revenue
2.8% · 0.9%, fading to 1.2× depreciation
FY26 2.8% · 0.9%
Working capital, % of added revenue · tax
23.9% · 5.6%
87 working-capital days · effective 5.6%
Discount rate
11.00%
1-yr beta 1.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(221) · ₹0 · ₹0 cr
FY26 net debt ₹(221) cr
Shares
16.73 crore
16.73 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
3,692
4,024
4,386
4,781
5,211
5,680
growth %
9.2
9.0
9.0
9.0
9.0
9.0
EBITDA
358
390
425
464
505
551
Depreciation
(103)
(113)
(123)
(134)
(146)
(159)
NOPAT
241
262
286
311
339
370
less capex
(33)
(36)
(66)
(102)
(143)
(191)
less working-capital build
—
(79)
(87)
(94)
(103)
(112)
Free cash flow to firm
—
259
256
249
239
226
Present value
246
218
192
166
141
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 · VAIBHAV GLOBAL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
964
PV of the terminal value (71% of EV)
2,348
Enterprise value
3,312
less net debt
221
less non-controlling interest
0
add non-operating investments
0
Equity value
3,533
÷ 16.73 crore shares
₹211
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
217
231
248
269
294
10.5%
203
214
228
244
265
11.0%
190
200
211
225
241
11.5%
179
187
197
208
221
12.0%
169
177
185
194
205
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
