The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · VODAFONE IDEA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VODAFONE IDEA LIMITED Discounted cash flow · base FY26
VODAFONE IDEA LIMITED
Value per share, this model₹66
CMP 2026-09-10₹14.97
Difference343.5%
Growth the CMP implies(19.9)%/yr
This note states the assumptions and the arithmetic of one model of VODAFONE IDEA 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
3% a year
FY26 3.0% · 5-yr CAGR 1.4%
EBITDA margin
173%
FY26 173.0% · 5-yr average 67.6%
Depreciation · capex, % of revenue
49.3% · 24.5%, fading to 1.2× depreciation
FY26 49.3% · 24.5%
Working capital, % of added revenue · tax
0% · 0%
-56 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.24
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,47,349 · ₹0 · ₹0 cr
FY26 net debt ₹1,47,349 cr
Shares
10,834.30 crore
10,834.30 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
44,873
46,219
47,606
49,034
50,505
52,020
growth %
3.0
3.0
3.0
3.0
3.0
3.0
EBITDA
77,610
79,959
82,358
84,829
87,374
89,995
Depreciation
(22,108)
(22,786)
(23,470)
(24,174)
(24,899)
(25,646)
NOPAT
55,502
57,173
58,888
60,655
62,475
64,349
less capex
(10,979)
(11,324)
(15,788)
(20,511)
(25,502)
(30,775)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
68,635
66,570
64,318
61,871
59,220
Present value
65,146
56,923
49,548
42,940
37,027
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 · VODAFONE IDEA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,51,583
PV of the terminal value (71% of EV)
6,15,020
Enterprise value
8,66,603
less net debt
(1,47,349)
less non-controlling interest
0
add non-operating investments
0
Equity value
7,19,254
÷ 10,834.30 crore shares
₹66
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
69
75
81
90
100
10.5%
63
68
73
80
88
11.0%
58
62
66
72
78
11.5%
53
57
61
65
71
12.0%
49
52
56
60
64
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
