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Model Note · VST INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VST INDUSTRIES LTD Discounted cash flow · base FY26
VST INDUSTRIES LTD
Value per share, this model₹266
CMP 2026-09-10₹204.22
Difference30.1%
Growth the CMP implies(2.5)%/yr
This note states the assumptions and the arithmetic of one model of VST INDUSTRIES 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
13% a year
FY26 13.1% · 5-yr CAGR 6.8%
EBITDA margin
22%
FY26 22.0% · 5-yr average 22.3%
Depreciation · capex, % of revenue
4.9% · 2.1%, fading to 1.2× depreciation
FY26 4.9% · 2.1%
Working capital, % of added revenue · tax
29.2% · 25.1%
107 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 0.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(24) · ₹0 · ₹0 cr
FY26 net debt ₹(24) cr
Shares
16.99 crore
16.99 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
2,046
2,312
2,612
2,952
3,336
3,769
growth %
13.1
13.0
13.0
13.0
13.0
13.0
EBITDA
450
509
575
649
734
829
Depreciation
(101)
(113)
(128)
(145)
(163)
(185)
NOPAT
261
296
335
378
427
483
less capex
(42)
(49)
(80)
(118)
(165)
(222)
less working-capital build
—
(78)
(88)
(99)
(112)
(127)
Free cash flow to firm
—
283
295
306
314
319
Present value
269
252
236
218
200
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 · VST INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,174
PV of the terminal value (74% of EV)
3,315
Enterprise value
4,489
less net debt
24
less non-controlling interest
0
add non-operating investments
0
Equity value
4,513
÷ 16.99 crore shares
₹266
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
274
294
317
346
381
10.5%
254
270
289
312
340
11.0%
236
250
266
284
307
11.5%
221
233
246
262
280
12.0%
208
218
229
242
257
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
