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Model Note · VISAKA INDUSTRIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VISAKA INDUSTRIES LIMITED Discounted cash flow · base FY26
VISAKA INDUSTRIES LIMITED
Value per share, this model₹124
CMP 2026-09-10₹90.60
Difference36.6%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of VISAKA INDUSTRIES 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
8.5% a year
FY26 8.7% · 5-yr CAGR 7.9%
EBITDA margin
11.9%
FY26 11.9% · 5-yr average 9.3%
Depreciation · capex, % of revenue
3.9% · 2.2%, fading to 1.2× depreciation
FY26 3.9% · 2.2%
Working capital, % of added revenue · tax
25.4% · 20.3%
93 working-capital days · effective 20.3%
Discount rate
11.00%
1-yr beta 1.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹278 · ₹0 · ₹0 cr
FY26 net debt ₹278 cr
Shares
8.64 crore
8.64 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
1,678
1,820
1,975
2,143
2,325
2,523
growth %
8.7
8.5
8.5
8.5
8.5
8.5
EBITDA
199
217
235
255
277
300
Depreciation
(65)
(71)
(77)
(84)
(91)
(98)
NOPAT
107
116
126
137
148
161
less capex
(37)
(40)
(56)
(74)
(94)
(118)
less working-capital build
—
(36)
(39)
(43)
(46)
(50)
Free cash flow to firm
—
111
108
104
98
91
Present value
105
92
80
68
57
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 · VISAKA INDUSTRIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
403
PV of the terminal value (70% of EV)
945
Enterprise value
1,347
less net debt
(278)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,069
÷ 8.64 crore shares
₹124
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
129
140
153
169
189
10.5%
117
126
137
150
165
11.0%
107
115
124
134
147
11.5%
99
105
113
121
132
12.0%
91
97
103
110
119
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
