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Model Note · WELSPUN CORP LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WELSPUN CORP LIMITED Discounted cash flow · base FY26
WELSPUN CORP LIMITED
Value per share, this model₹654
CMP 2026-09-10₹2,686.90
Difference(75.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WELSPUN CORP LIMITED, 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
20% a year
FY26 20.0% · 5-yr CAGR 21.1%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average 10.0%
Depreciation · capex, % of revenue
2.1% · 15.1%, fading to 1.2× depreciation
FY26 2.1% · 15.1%
Working capital, % of added revenue · tax
18.2% · 29.2%
66 working-capital days · effective 29.2%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹650 · ₹0 · ₹0 cr
FY26 net debt ₹650 cr
Shares
26.38 crore
26.38 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
16,770
20,124
24,149
28,979
34,775
41,729
growth %
20.0
20.0
20.0
20.0
20.0
20.0
EBITDA
2,236
2,677
3,212
3,854
4,625
5,550
Depreciation
(355)
(423)
(507)
(609)
(730)
(876)
NOPAT
1,332
1,596
1,915
2,298
2,757
3,309
less capex
(2,532)
(3,039)
(2,887)
(2,553)
(1,970)
(1,052)
less working-capital build
—
(610)
(733)
(879)
(1,055)
(1,266)
Free cash flow to firm
—
(1,631)
(1,197)
(526)
463
1,868
Present value
(1,548)
(1,024)
(405)
321
1,168
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 · WELSPUN CORP LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1,488)
PV of the terminal value (108% of EV)
19,399
Enterprise value
17,912
less net debt
(650)
less non-controlling interest
0
add non-operating investments
0
Equity value
17,262
÷ 26.38 crore shares
₹654
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
682
755
843
951
1,085
10.5%
607
668
740
826
932
11.0%
543
595
654
725
810
11.5%
488
532
582
641
710
12.0%
440
478
521
570
628
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
