The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · WELSPUN LIVING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WELSPUN LIVING LIMITED Discounted cash flow · base FY26
WELSPUN LIVING LIMITED
Value per share, this model₹20
CMP 2026-09-10₹208.14
Difference(90.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WELSPUN LIVING 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
-5% a year
FY26 (10.9)% · 5-yr CAGR 5.1%
EBITDA margin
8.2%
FY26 8.2% · 5-yr average 11.7%
Depreciation · capex, % of revenue
4.2% · 4.8%, fading to 1.2× depreciation
FY26 4.2% · 4.8%
Working capital, % of added revenue · tax
22.4% · 25.9%
82 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,664 · ₹0 · ₹0 cr
FY26 net debt ₹1,664 cr
Shares
94.47 crore
94.47 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
9,399
8,929
8,483
8,059
7,656
7,273
growth %
(10.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
774
732
696
661
628
596
Depreciation
(394)
(375)
(356)
(338)
(322)
(305)
NOPAT
282
265
251
239
227
216
less capex
(451)
(429)
(412)
(396)
(381)
(367)
less working-capital build
—
105
100
95
90
86
Free cash flow to firm
—
316
295
276
257
240
Present value
300
253
212
179
150
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 LIVING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,094
PV of the terminal value (70% of EV)
2,495
Enterprise value
3,589
less net debt
(1,664)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,925
÷ 94.47 crore shares
₹20
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
22
24
27
31
36
10.5%
19
21
24
27
30
11.0%
16
18
20
23
26
11.5%
14
16
18
20
22
12.0%
13
14
15
17
19
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
