This note states the assumptions and the arithmetic of one model of VIKAS PROPPANT & GRANITE LTD., built on its filed FY21 standalone 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
30% a year
FY21 239.2% · 5-yr CAGR —%
EBITDA margin
-48.3%
FY21 (48.3)% · 5-yr average 40.6%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY21 0.0% · 0.0%
Working capital, % of added revenue · tax
156.1% · 25.17%
570 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta -0.12
After FY26
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹49 · ₹0 · ₹0 cr
FY21 net debt ₹49 cr
Shares
51.47 crore
51.47 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY21
FY22
FY23
FY24
FY25
FY26
Revenue
24
31
40
52
67
88
growth %
239.2
30.0
30.0
30.0
30.0
30.0
EBITDA
(11)
(15)
(19)
(25)
(33)
(42)
Depreciation
0
0
0
0
0
0
NOPAT
(9)
(11)
(14)
(19)
(24)
(32)
less capex
0
0
0
0
0
0
less working-capital build
—
(11)
(14)
(19)
(24)
(32)
Free cash flow to firm
—
(22)
(29)
(37)
(49)
(63)
Present value
(21)
(25)
(29)
(34)
(40)
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 · VIKAS PROPPANT & GRANITE LTD. · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(148)
PV of the terminal value (—% of EV)
(657)
Enterprise value
(804)
less net debt
(49)
less non-controlling interest
0
add non-operating investments
0
Equity value
(853)
÷ 51.47 crore shares
₹(17)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(17)
(18)
(20)
(22)
(24)
10.5%
(16)
(17)
(18)
(20)
(21)
11.0%
(15)
(16)
(17)
(18)
(19)
11.5%
(14)
(14)
(15)
(16)
(18)
12.0%
(13)
(13)
(14)
(15)
(16)
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
