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Model Note · VENKY S (INDIA) LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VENKY S (INDIA) LIMITED Discounted cash flow · base FY26
VENKY S (INDIA) LIMITED
Value per share, this model₹793
CMP 2026-09-10₹1,778.40
Difference(55.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VENKY S (INDIA) 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
12.5% a year
FY26 12.7% · 5-yr CAGR 3.6%
EBITDA margin
5.2%
FY26 5.2% · 5-yr average 4.4%
Depreciation · capex, % of revenue
1% · 1.1%, fading to 1.2× depreciation
FY26 1.0% · 1.1%
Working capital, % of added revenue · tax
14.5% · 25%
53 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹101 · ₹0 · ₹0 cr
FY26 net debt ₹101 cr
Shares
1.41 crore
1.41 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
3,727
4,193
4,717
5,307
5,970
6,717
growth %
12.7
12.5
12.5
12.5
12.5
12.5
EBITDA
192
218
245
276
310
349
Depreciation
(37)
(42)
(47)
(53)
(60)
(67)
NOPAT
116
132
149
167
188
212
less capex
(41)
(46)
(53)
(61)
(70)
(81)
less working-capital build
—
(68)
(76)
(86)
(96)
(108)
Free cash flow to firm
—
60
67
74
81
90
Present value
57
57
57
57
56
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 · VENKY S (INDIA) LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
284
PV of the terminal value (77% of EV)
934
Enterprise value
1,218
less net debt
(101)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,117
÷ 1.41 crore shares
₹793
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
821
887
967
1,063
1,185
10.5%
752
807
872
949
1,045
11.0%
693
739
793
856
933
11.5%
641
680
726
779
841
12.0%
596
630
669
713
765
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
