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Model Note · VIKRAM THERMO (INDIA) LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VIKRAM THERMO (INDIA) LTD. Discounted cash flow · base FY26
VIKRAM THERMO (INDIA) LTD.
Value per share, this model₹199
CMP 2026-09-10₹339.55
Difference(41.3)%
Growth the CMP implies24.1%/yr
This note states the assumptions and the arithmetic of one model of VIKRAM THERMO (INDIA) 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
6% a year
FY26 6.2% · 5-yr CAGR 12.8%
EBITDA margin
40.3%
FY26 40.3% · 5-yr average 24.9%
Depreciation · capex, % of revenue
2.2% · 7.1%, fading to 1.2× depreciation
FY26 2.2% · 7.1%
Working capital, % of added revenue · tax
32.7% · 26.3%
120 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
3.14 crore
3.14 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
134
142
151
160
169
179
growth %
6.2
6.0
6.0
6.0
6.0
6.0
EBITDA
54
57
61
64
68
72
Depreciation
(3)
(3)
(3)
(4)
(4)
(4)
NOPAT
38
40
42
45
48
50
less capex
(10)
(10)
(9)
(8)
(6)
(5)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
30
34
38
42
46
Present value
29
29
29
29
29
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 THERMO (INDIA) LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
145
PV of the terminal value (77% of EV)
481
Enterprise value
625
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
625
÷ 3.14 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
206
221
240
262
290
10.5%
190
203
218
236
258
11.0%
176
187
199
214
232
11.5%
164
173
184
196
211
12.0%
154
162
171
181
193
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
