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Model Note · WHIRLPOOL OF INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WHIRLPOOL OF INDIA LTD Discounted cash flow · base FY26
WHIRLPOOL OF INDIA LTD
Value per share, this model₹205
CMP 2026-09-10₹763.25
Difference(73.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WHIRLPOOL OF INDIA 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
1.5% a year
FY26 1.4% · 5-yr CAGR 6.4%
EBITDA margin
5.6%
FY26 5.6% · 5-yr average 7.2%
Depreciation · capex, % of revenue
2.6% · 3.3%, fading to 1.2× depreciation
FY26 2.6% · 3.3%
Working capital, % of added revenue · tax
4.7% · 25.5%
17 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(615) · ₹0 · ₹0 cr
FY26 net debt ₹(615) cr
Shares
12.69 crore
12.69 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
8,034
8,155
8,277
8,401
8,527
8,655
growth %
1.4
1.5
1.5
1.5
1.5
1.5
EBITDA
452
457
464
470
478
485
Depreciation
(209)
(212)
(215)
(218)
(222)
(225)
NOPAT
181
182
185
188
191
193
less capex
(263)
(269)
(269)
(270)
(270)
(270)
less working-capital build
—
(6)
(6)
(6)
(6)
(6)
Free cash flow to firm
—
120
125
131
136
142
Present value
113
107
101
95
89
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 · WHIRLPOOL OF INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
505
PV of the terminal value (75% of EV)
1,479
Enterprise value
1,984
less net debt
615
less non-controlling interest
0
add non-operating investments
0
Equity value
2,599
÷ 12.69 crore shares
₹205
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
210
222
236
253
274
10.5%
198
207
219
232
249
11.0%
187
195
205
216
229
11.5%
178
185
193
202
213
12.0%
170
176
183
191
200
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
