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Model Note · W H BRADY & CO. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
W H BRADY & CO. LTD. Discounted cash flow · base FY26
W H BRADY & CO. LTD.
Value per share, this model₹48
CMP 2026-09-09₹480.50
Difference(90.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of W H BRADY & CO. 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 (15.8)% · 5-yr CAGR 11.0%
EBITDA margin
5.9%
FY26 5.9% · 5-yr average 14.8%
Depreciation · capex, % of revenue
3% · 12.9%, fading to 1.2× depreciation
FY26 3.0% · 12.9%
Working capital, % of added revenue · tax
32.4% · 18%
118 working-capital days · effective 18.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7 · ₹0 · ₹0 cr
FY26 net debt ₹7 cr
Shares
0.26 crore
0.26 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
89
84
80
76
72
69
growth %
(15.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
5
5
5
4
4
4
Depreciation
(3)
(3)
(2)
(2)
(2)
(2)
NOPAT
2
2
2
2
2
2
less capex
(11)
(11)
(8)
(6)
(4)
(2)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
(5)
(3)
(1)
1
2
Present value
(5)
(2)
(1)
1
1
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 · W H BRADY & CO. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(6)
PV of the terminal value (129% of EV)
25
Enterprise value
19
less net debt
(7)
less non-controlling interest
0
add non-operating investments
0
Equity value
12
÷ 0.26 crore shares
₹48
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
51
61
73
87
105
10.5%
41
49
59
70
84
11.0%
33
40
48
57
68
11.5%
26
32
38
46
55
12.0%
19
24
30
37
44
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
