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Model Note · VMART RETAIL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VMART RETAIL LTD Discounted cash flow · base FY26
VMART RETAIL LTD
Value per share, this model₹217
CMP 2026-09-10₹805.20
Difference(73.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VMART RETAIL 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
16.5% a year
FY26 16.5% · 5-yr CAGR 28.6%
EBITDA margin
13.5%
FY26 13.5% · 5-yr average 11.3%
Depreciation · capex, % of revenue
7.8% · 4.2%, fading to 1.2× depreciation
FY26 7.8% · 4.2%
Working capital, % of added revenue · tax
13.1% · 19.9%
48 working-capital days · effective 19.9%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹80 · ₹0 · ₹0 cr
FY26 net debt ₹80 cr
Shares
7.96 crore
7.96 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
3,789
4,415
5,143
5,992
6,980
8,132
growth %
16.5
16.5
16.5
16.5
16.5
16.5
EBITDA
512
596
694
809
942
1,098
Depreciation
(297)
(344)
(401)
(467)
(544)
(634)
NOPAT
172
202
235
274
319
371
less capex
(160)
(185)
(282)
(406)
(563)
(761)
less working-capital build
—
(82)
(95)
(111)
(130)
(151)
Free cash flow to firm
—
279
258
224
170
94
Present value
264
221
172
118
58
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 · VMART RETAIL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
834
PV of the terminal value (54% of EV)
972
Enterprise value
1,806
less net debt
(80)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,726
÷ 7.96 crore shares
₹217
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
223
235
250
268
290
10.5%
210
220
232
246
264
11.0%
198
207
217
229
243
11.5%
189
196
204
214
225
12.0%
180
186
193
201
211
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
