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Model Note · W P I L LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
W P I L LTD. Discounted cash flow · base FY26
W P I L LTD.
Value per share, this model₹233
CMP 2026-09-10₹437.00
Difference(46.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of W P I L 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
2.5% a year
FY26 2.6% · 5-yr CAGR 13.3%
EBITDA margin
17.2%
FY26 17.2% · 5-yr average 17.5%
Depreciation · capex, % of revenue
2.2% · 3%, fading to 1.2× depreciation
FY26 2.2% · 3.0%
Working capital, % of added revenue · tax
57.1% · 31.6%
208 working-capital days · effective 31.6%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹201 · ₹0 · ₹0 cr
FY26 net debt ₹201 cr
Shares
9.77 crore
9.77 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
1,855
1,901
1,948
1,997
2,047
2,098
growth %
2.6
2.5
2.5
2.5
2.5
2.5
EBITDA
318
327
335
344
352
361
Depreciation
(41)
(42)
(43)
(44)
(45)
(46)
NOPAT
190
195
200
205
210
215
less capex
(55)
(57)
(57)
(56)
(56)
(55)
less working-capital build
—
(26)
(27)
(28)
(29)
(29)
Free cash flow to firm
—
153
159
165
171
177
Present value
146
136
127
118
111
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 P I L LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
637
PV of the terminal value (74% of EV)
1,836
Enterprise value
2,474
less net debt
(201)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,273
÷ 9.77 crore shares
₹233
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
241
260
282
310
344
10.5%
221
237
255
277
304
11.0%
204
217
233
251
272
11.5%
190
201
214
229
246
12.0%
177
186
197
210
225
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
