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Model Note · VOLTAS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VOLTAS LTD Discounted cash flow · base FY26
VOLTAS LTD
Value per share, this model₹145
CMP 2026-09-10₹1,165.00
Difference(87.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VOLTAS 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
-5% a year
FY26 (7.6)% · 5-yr CAGR 13.8%
EBITDA margin
4.4%
FY26 4.4% · 5-yr average 5.5%
Depreciation · capex, % of revenue
0.6% · 0.9%, fading to 1.2× depreciation
FY26 0.6% · 0.9%
Working capital, % of added revenue · tax
8.7% · 27.2%
32 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹211 · ₹0 · ₹0 cr
FY26 net debt ₹211 cr
Shares
33.08 crore
33.08 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
14,245
13,532
12,856
12,213
11,602
11,022
growth %
(7.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
620
595
566
537
510
485
Depreciation
(84)
(81)
(77)
(73)
(70)
(66)
NOPAT
390
374
356
338
321
305
less capex
(133)
(122)
(110)
(99)
(89)
(79)
less working-capital build
—
62
59
56
53
50
Free cash flow to firm
—
396
382
368
355
342
Present value
376
326
284
246
214
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 · VOLTAS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,446
PV of the terminal value (71% of EV)
3,553
Enterprise value
4,999
less net debt
(211)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,788
÷ 33.08 crore shares
₹145
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
150
160
173
189
208
10.5%
138
147
158
170
186
11.0%
129
136
145
155
167
11.5%
120
126
134
142
153
12.0%
113
118
125
132
140
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
