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Model Note · VIKRAM SOLAR LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VIKRAM SOLAR LIMITED Discounted cash flow · base FY26
VIKRAM SOLAR LIMITED
Value per share, this model₹227
CMP 2026-09-10₹167.20
Difference35.6%
Growth the CMP implies(0.3)%/yr
This note states the assumptions and the arithmetic of one model of VIKRAM SOLAR 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
19%
FY26 19.0% · 5-yr average 19.0%
Depreciation · capex, % of revenue
3.4% · 15%, fading to 1.2× depreciation
FY26 3.4% · 15.0%
Working capital, % of added revenue · tax
9.9% · 27.3%
36 working-capital days · effective 27.3%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹64 · ₹0 · ₹0 cr
FY26 net debt ₹64 cr
Shares
36.24 crore
36.24 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
4,802
5,186
5,601
6,049
6,533
7,056
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
911
985
1,064
1,149
1,241
1,341
Depreciation
(162)
(176)
(190)
(206)
(222)
(240)
NOPAT
545
588
635
686
741
800
less capex
(722)
(778)
(687)
(577)
(445)
(288)
less working-capital build
—
(38)
(41)
(44)
(48)
(52)
Free cash flow to firm
—
(51)
97
270
470
701
Present value
(49)
83
208
326
438
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 · VIKRAM SOLAR LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,007
PV of the terminal value (88% of EV)
7,275
Enterprise value
8,282
less net debt
(64)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,218
÷ 36.24 crore shares
₹227
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
235
255
279
308
345
10.5%
214
231
251
274
303
11.0%
196
210
227
246
269
11.5%
181
193
207
223
242
12.0%
168
178
190
203
219
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
