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Model Note · VEDANT FASHIONS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VEDANT FASHIONS LIMITED Discounted cash flow · base FY24
VEDANT FASHIONS LIMITED
Value per share, this model₹237
CMP 2026-09-10₹584.00
Difference(59.4)%
Growth the CMP implies42.6%/yr
This note states the assumptions and the arithmetic of one model of VEDANT FASHIONS LIMITED, built on its filed FY24 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
1% a year
FY24 0.9% · 5-yr CAGR —%
EBITDA margin
48.1%
FY24 48.1% · 5-yr average 48.4%
Depreciation · capex, % of revenue
9.9% · 0.3%, fading to 1.2× depreciation
FY24 9.9% · 0.3%
Working capital, % of added revenue · tax
44.9% · 24.5%
164 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 0.96
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22) · ₹0 · ₹0 cr
FY24 net debt ₹(22) cr
Shares
24.30 crore
24.30 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
1,368
1,381
1,395
1,409
1,423
1,437
growth %
0.9
1.0
1.0
1.0
1.0
1.0
EBITDA
658
664
671
678
684
691
Depreciation
(135)
(137)
(138)
(139)
(141)
(142)
NOPAT
395
398
402
406
410
415
less capex
(4)
(4)
(45)
(86)
(128)
(171)
less working-capital build
—
(6)
(6)
(6)
(6)
(6)
Free cash flow to firm
—
525
490
454
417
380
Present value
498
419
350
289
237
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 · VEDANT FASHIONS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,793
PV of the terminal value (69% of EV)
3,943
Enterprise value
5,736
less net debt
22
less non-controlling interest
0
add non-operating investments
0
Equity value
5,758
÷ 24.30 crore shares
₹237
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
244
261
280
304
333
10.5%
227
241
257
276
299
11.0%
212
224
237
253
271
11.5%
200
209
220
233
249
12.0%
189
197
206
217
230
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
