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Model Note · VOITH PAPER FABRICS IND L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VOITH PAPER FABRICS IND L Discounted cash flow · base FY26
VOITH PAPER FABRICS IND L
Value per share, this model₹935
CMP 2026-09-10₹1,451.30
Difference(35.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VOITH PAPER FABRICS IND L, 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
10% a year
FY26 9.8% · 5-yr CAGR 12.0%
EBITDA margin
24.4%
FY26 24.4% · 5-yr average 25.7%
Depreciation · capex, % of revenue
7.2% · 10.3%, fading to 1.2× depreciation
FY26 7.2% · 10.3%
Working capital, % of added revenue · tax
27.4% · 25%
100 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
0.44 crore
0.44 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
209
230
253
278
306
337
growth %
9.8
10.0
10.0
10.0
10.0
10.0
EBITDA
51
56
62
68
75
82
Depreciation
(15)
(17)
(18)
(20)
(22)
(24)
NOPAT
27
30
33
36
39
43
less capex
(22)
(24)
(25)
(26)
(28)
(29)
less working-capital build
—
(6)
(6)
(7)
(8)
(8)
Free cash flow to firm
—
17
20
23
26
30
Present value
16
17
17
18
19
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 · VOITH PAPER FABRICS IND L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
87
PV of the terminal value (78% of EV)
313
Enterprise value
401
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
411
÷ 0.44 crore shares
₹935
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
965
1,036
1,122
1,226
1,356
10.5%
891
950
1,020
1,103
1,206
11.0%
827
877
935
1,003
1,085
11.5%
772
814
863
920
987
12.0%
723
760
801
849
905
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
