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Model Note · VEDANTA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VEDANTA LIMITED Discounted cash flow · base FY26
VEDANTA LIMITED
Value per share, this model₹223
CMP 2026-09-10₹263.70
Difference(15.3)%
Growth the CMP implies(2.5)%/yr
This note states the assumptions and the arithmetic of one model of VEDANTA 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
-5% a year
FY26 (48.7)% · 5-yr CAGR (2.0)%
EBITDA margin
29.6%
FY26 29.6% · 5-yr average 28.3%
Depreciation · capex, % of revenue
6.1% · 26.6%, fading to 1.2× depreciation
FY26 6.1% · 26.6%
Working capital, % of added revenue · tax
0% · 27.1%
-2 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹25,625 · ₹0 · ₹0 cr
FY26 net debt ₹25,625 cr
Shares
391.00 crore
391.00 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
78,437
74,515
70,789
67,250
63,887
60,693
growth %
(48.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
23,204
22,056
20,954
19,906
18,911
17,965
Depreciation
(4,810)
(4,545)
(4,318)
(4,102)
(3,897)
(3,702)
NOPAT
13,409
12,766
12,127
11,521
10,945
10,398
less capex
(20,876)
(19,821)
(15,418)
(11,406)
(7,756)
(4,443)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(2,510)
1,028
4,218
7,086
9,657
Present value
(2,382)
879
3,249
4,918
6,038
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 · VEDANTA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
12,701
PV of the terminal value (89% of EV)
1,00,294
Enterprise value
1,12,995
less net debt
(25,625)
less non-controlling interest
0
add non-operating investments
0
Equity value
87,370
÷ 391.00 crore shares
₹223
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
234
260
290
328
375
10.5%
207
229
254
284
321
11.0%
185
203
223
248
278
11.5%
165
180
198
218
243
12.0%
148
161
176
193
213
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
