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Model Note · VEER ENERGY & INFRASTRUCTURE L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VEER ENERGY & INFRASTRUCTURE L Discounted cash flow · base FY26
VEER ENERGY & INFRASTRUCTURE L
Value per share, this model₹(14)
CMP 2026-09-10₹13.35
Difference(201.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VEER ENERGY & INFRASTRUCTURE L, 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 (55.9)% · 5-yr CAGR (9.7)%
EBITDA margin
-57.6%
FY26 (57.6)% · 5-yr average (25.2)%
Depreciation · capex, % of revenue
15.4% · 0%, fading to 1.2× depreciation
FY26 15.4% · 0.0%
Working capital, % of added revenue · tax
294.8% · 22.6%
1076 working-capital days · effective 22.6%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
1.50 crore
1.50 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
5
4
4
4
4
4
growth %
(55.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(3)
(2)
(2)
(2)
(2)
(2)
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
(3)
(2)
(2)
(2)
(2)
(2)
less capex
0
0
(0)
(0)
(1)
(1)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
(1)
(1)
(1)
(1)
(2)
Present value
(1)
(1)
(1)
(1)
(1)
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 · VEER ENERGY & INFRASTRUCTURE L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(5)
PV of the terminal value (—% of EV)
(16)
Enterprise value
(21)
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
(20)
÷ 1.50 crore shares
₹(14)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(14)
(15)
(16)
(18)
(20)
10.5%
(13)
(14)
(15)
(16)
(18)
11.0%
(12)
(13)
(14)
(15)
(16)
11.5%
(11)
(12)
(12)
(13)
(14)
12.0%
(10)
(11)
(12)
(12)
(13)
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
