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Model Note · WIPRO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WIPRO LTD Discounted cash flow · base FY26
WIPRO LTD
Value per share, this model₹179
CMP 2026-09-10₹167.40
Difference7.0%
Growth the CMP implies2.2%/yr
This note states the assumptions and the arithmetic of one model of WIPRO 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
4% a year
FY26 4.0% · 5-yr CAGR 8.4%
EBITDA margin
19.2%
FY26 19.2% · 5-yr average 19.6%
Depreciation · capex, % of revenue
3.1% · 1.7%, fading to 1.2× depreciation
FY26 3.1% · 1.7%
Working capital, % of added revenue · tax
7.9% · 23.5%
29 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 0.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹6,232 · ₹0 · ₹0 cr
FY26 net debt ₹6,232 cr
Shares
990.35 crore
990.35 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
92,624
96,329
1,00,182
1,04,189
1,08,357
1,12,691
growth %
4.0
4.0
4.0
4.0
4.0
4.0
EBITDA
17,811
18,495
19,235
20,004
20,805
21,637
Depreciation
(2,911)
(2,986)
(3,106)
(3,230)
(3,359)
(3,493)
NOPAT
11,399
11,864
12,339
12,832
13,346
13,880
less capex
(1,560)
(1,638)
(2,209)
(2,824)
(3,484)
(4,192)
less working-capital build
—
(293)
(304)
(317)
(329)
(342)
Free cash flow to firm
—
12,920
12,931
12,922
12,892
12,839
Present value
12,263
11,057
9,955
8,947
8,027
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 · WIPRO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
50,250
PV of the terminal value (73% of EV)
1,33,333
Enterprise value
1,83,583
less net debt
(6,232)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,77,351
÷ 990.35 crore shares
₹179
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
185
198
215
234
259
10.5%
171
182
195
211
230
11.0%
159
168
179
192
208
11.5%
148
156
165
176
189
12.0%
139
146
154
163
173
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
