This note states the assumptions and the arithmetic of one model of VENUS PIPES & TUBES LTD, 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
21.5% a year
FY26 21.7% · 5-yr CAGR —%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 15.5%
Depreciation · capex, % of revenue
2% · 16.2%, fading to 1.2× depreciation
FY26 2.0% · 16.2%
Working capital, % of added revenue · tax
29.9% · 25.8%
109 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.38
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹279 · ₹0 · ₹0 cr
FY26 net debt ₹279 cr
Shares
2.07 crore
2.07 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
1,167
1,418
1,723
2,093
2,543
3,090
growth %
21.7
21.5
21.5
21.5
21.5
21.5
EBITDA
190
231
281
341
414
504
Depreciation
(24)
(28)
(34)
(42)
(51)
(62)
NOPAT
124
150
183
222
270
328
less capex
(189)
(230)
(220)
(195)
(149)
(74)
less working-capital build
—
(75)
(91)
(111)
(135)
(163)
Free cash flow to firm
—
(126)
(94)
(41)
37
152
Present value
(119)
(80)
(32)
26
95
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 · VENUS PIPES & TUBES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(110)
PV of the terminal value (108% of EV)
1,579
Enterprise value
1,468
less net debt
(279)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,189
÷ 2.07 crore shares
₹574
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
603
679
770
881
1,020
10.5%
525
588
663
752
862
11.0%
459
512
574
647
735
11.5%
402
447
499
560
632
12.0%
352
391
435
487
546
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
