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Model Note · WELSPUN SPECIALTY SOL L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WELSPUN SPECIALTY SOL L Discounted cash flow · base FY26
WELSPUN SPECIALTY SOL L
Value per share, this model₹8
CMP 2026-09-10₹56.10
Difference(86.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WELSPUN SPECIALTY SOL L, 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
22.5% a year
FY26 22.5% · 5-yr CAGR 56.8%
EBITDA margin
5.3%
FY26 5.3% · 5-yr average 2.1%
Depreciation · capex, % of revenue
1.9% · 6.9%, fading to 1.2× depreciation
FY26 1.9% · 6.9%
Working capital, % of added revenue · tax
4.6% · -1.4%
17 working-capital days · effective (1.4)%
Discount rate
11.00%
1-yr beta 0.38
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
71.00 crore
71.00 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
886
1,086
1,330
1,629
1,996
2,445
growth %
22.5
22.5
22.5
22.5
22.5
22.5
EBITDA
47
58
70
86
106
130
Depreciation
(17)
(21)
(25)
(31)
(38)
(46)
NOPAT
31
37
46
56
69
84
less capex
(61)
(75)
(76)
(75)
(69)
(56)
less working-capital build
—
(9)
(11)
(14)
(17)
(21)
Free cash flow to firm
—
(26)
(17)
(1)
21
54
Present value
(25)
(14)
(1)
15
34
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 SPECIALTY SOL L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9
PV of the terminal value (98% of EV)
564
Enterprise value
573
less net debt
(24)
less non-controlling interest
0
add non-operating investments
0
Equity value
549
÷ 71.00 crore shares
₹8
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
8
9
10
11
12
10.5%
7
8
9
10
11
11.0%
7
7
8
8
9
11.5%
6
6
7
8
8
12.0%
5
6
6
7
7
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
