Faircurve Equity Pulse — NVDA — 2026-05-16
NVIDIA Corporation closes 2026-05-16 at $225.32, +67.1% over the past year from the May-2025 low of $129.16. The Feb-2026 print delivered $68.1B in Q4 revenue (+72% YoY) and FY26 free cash flow of $96.7B at a 44.8% margin. Sell-side consensus models FY27 revenue at $369B (+71%) and EPS at $8.31. The paradox: on those consensus FY27 numbers NVDA trades at 27× forward P/E — a 35% discount to peer cluster AMD/AVGO/TSM/MRVL at 42× despite +26pp higher growth. Base case $241 (+6.8%), bull $329, bear $136, with effectively zero net debt and a $500B+ Blackwell/Rubin pipeline through CY26.
By Faircurve Research
NVIDIA & the Discount
Spot $225.32 · 52W $129.16 — $236.54
NVIDIA Corporation closes 2026-05-16 at $225.32, +67.1% over the past year from the May-2025 low of $129.16. The Feb-2026 print delivered $68.1B in Q4 revenue (+72% YoY) and FY26 free cash flow of $96.7B at a 44.8% margin. Sell-side consensus models FY27 revenue at $369B (+71%) and EPS at $8.31. The paradox: on those consensus FY27 numbers NVDA trades at 27× forward P/E — a 35% discount to peer cluster AMD/AVGO/TSM/MRVL at 42× despite +26pp higher growth. Base case $241 (+6.8%), bull $329, bear $136, with effectively zero net debt and a $500B+ Blackwell/Rubin pipeline through CY26.
i.The Snapshot
| Metric | Value | Context | YoY / vs Peer |
|---|---|---|---|
| FY26 Revenue | $215.9B | just-closed FY26 | +65.4% YoY |
| FY27 Revenue (consensus) | $369.4B | 39 analysts | +71.1% |
| FY26 Free Cash Flow | $96.7B | 44.8% FCF margin | +59% YoY |
| FY26 Capital Returned | $41.0B | $40B buybacks + $1B div | ~0.7% of mcap |
| Non-GAAP Gross Margin (Q4 FY26) | 75.2% | mid-70s FY27 guide | +1.7pp QoQ |
| 52W Range | $129.16 — $236.54 | spot $225.32 | +67.1% 1Y |
ii.The Debate at $225
Half-trillion-dollar pipeline through CY26.
Q3FY26 disclosed $500B Blackwell + Rubin revenue visibility through end-CY26. By Q4FY26 mgmt said the figure had been 'exceeded' with line-of-sight into CY27. This is the single most concrete pipeline ever disclosed by a hardware company.
Forward multiple discount to peers despite +71% FY27 growth.
NVDA at 27x forward P/E vs peer-avg 42x and AMD 57x. NVDA's revenue growth premium over peers is +26pp — historically reasoned multiples should compress this gap, not widen it. Multiple expansion alone (to 33x) is +22% upside.
Free-cash-flow machine, fortress balance sheet.
FY26 FCF $96.7B on $216B revenue = 44.8% FCF margin (and Q1 FY26 included a $4.5B H20 write-down). $74.2B cash and short/long-term investments vs $11.4B debt = effectively zero net debt at $5.5T market cap. Bought back $40B of stock in FY26.
Sovereign + Rubin + inference reasoning = three new pillars.
Sovereign AI run-rate scaled from high-single-digit billions (FY25) to ~$30B in FY26 with EU, Saudi, UAE, India anchors. Rubin samples have shipped — first-pass yield will determine whether the CY27 ramp matches Blackwell's. Inference reasoning models drove a 10x compute step-up post-DeepSeek R1.
Beta 2.24 — fair value collapses under any cycle scare.
On CAPM (Beta 2.24 × 5% MRP + 4.2% Rf = 15.4% cost of equity), DCF intrinsic falls to ~$90 even with 50% FCF margin assumptions. The stock is uniquely sensitive to AI-narrative reversal — a 1pp WACC move shifts intrinsic value 15-20%.
Hyperscaler capex digestion is the consensus single-point-of-failure.
Top-4 hyperscaler CapEx 'doubled in two years' to ~$700B. A 20% pullback in CY27 capex on any of: post-Stargate digestion, regulatory action, or a single hyperscaler 'pause' headline — flips FY28 consensus revenue by 15-20% and shifts NVDA into multiple-compression territory.
China remains zero-ed; geopolitical re-escalation is open-ended downside.
Q1FY26 lost $50B of TAM on H20 export controls; subsequent licenses arrived with 15% USG revenue-share, $0 shipped. Trump-Xi H200 discussions (May 2026 news) reopened the question. Worst-case: an EU/India/Japan equivalent restriction would compound the loss.
Margin sustainability under Rubin and Blackwell Ultra transitions.
Non-GAAP gross margin trough was 61% (Q1 FY26, H20 charge); ex-charge 71.3%. Each next-gen transition (Rubin in CY27, Vera Rubin CPX/Ultra in CY28) compresses margins 200-400bps during ramp. Two compressions in two years could keep GMs from sustainably returning above 75%.
Three of the five most-asked-about questions on NVDA are already answered. Consensus FY27 (+71% revenue, +70% EPS) is priced into the 27x forward multiple. The CY26 pipeline is anchored at $500B+. Rubin samples are out. What remains genuinely uncertain — and what the stock has not yet priced — is whether the FY28-29 capacity buildout (already implicit in the $3-4T AI-infrastructure TAM Jensen now cites quarterly) sustains FY+2 revenue growth above +30% post the FY27 step-function. That is the bull-bear axis. We are HOLDers waiting for either (a) a digestion-quarter sell-off to $170-180 that resets the forward multiple, or (b) explicit FY28 capacity disclosure on the next call that converts our +$280 bull case into a tradeable target.
- Q1 FY27 print on May 20: gross margin progression (>75% non-GAAP confirms the Blackwell-Ultra ramp is margin-accretive); next-Q guide midpoint vs the $78B implied; explicit FY28 capacity commentary if offered.
- China policy headline tape: H200 license clarification, USG revenue-share negotiations, and whether any meaningful $ ships in 2H CY26. Each $5B of recovered China revenue is worth $0.15-0.20 of EPS.
- Hyperscaler CapEx guidance from Microsoft, Meta, Google, Amazon, Oracle — if FY27 capex prints flat-to-down vs the +50% trend, that is the dominant signal regardless of NVDA's own guide.
iii.Q4 FY26 — the ramp continues
Q4 FY26 (reported Feb 25, 2026) delivered $68.1B revenue (+72% YoY, +20% QoQ), Data Center $62.0B, diluted EPS $1.76 (+98% YoY), and non-GAAP gross margin 75.2% — the first quarter ever to print >$50B in Data Center and >$1.70 in quarterly EPS. Management disclosed $500B+ Blackwell + Rubin revenue visibility through end-CY26 had been 'exceeded' with line-of-sight extending into CY27, guided Q1 FY27 to $78B (+15% QoQ), and confirmed Rubin samples have shipped to lead customers.
Operational dashboard, Q4 FY26
| Metric | Value | Context |
|---|---|---|
| Total revenue (Q4 FY26) | $68.1B | +72% YoY, +20% QoQ |
| Data Center revenue | $62.0B | Blackwell ~80% of compute |
| Gaming revenue | $3.7B | −14% QoQ; supply-shifted to DC |
| Automotive + Robotics | $0.60B | +6% QoQ; physical-AI ramp |
| Networking revenue | $11.0B | +34% QoQ; Spectrum-X + NVLink |
| Non-GAAP gross margin | 75.2% | +1.6pp QoQ; recovering toward FY27 mid-70s guide |
| FCF (Q4) | $35.0B | FY26 total $96.7B; 44.8% FCF margin |
| Capital returned to shareholders | $41B FY26 | $40B buybacks, $1B dividends |
Trailing 8 quarters — revenue and diluted EPS
| Quarter | Revenue | Diluted EPS |
|---|---|---|
| Q1 FY25 | $26.0B | $0.60 |
| Q2 FY25 | $30.0B | $0.67 |
| Q3 FY25 | $35.1B | $0.78 |
| Q4 FY25 | $39.3B | $0.89 |
| Q1 FY26 | $44.1B | $0.76 |
| Q2 FY26 | $46.7B | $1.08 |
| Q3 FY26 | $57.0B | $1.30 |
| Q4 FY26 | $68.1B | $1.76 |
iv.From $27B to $216B in five years
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue ($B) | 26.9 | 27.0 | 60.9 | 130.5 | 215.9 |
| Revenue YoY growth | +61% | +0% | +126% | +114% | +65% |
| Gross margin (GAAP) | 64.9% | 56.9% | 72.7% | 75.0% | 71.1% |
| Operating margin (GAAP) | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% |
| Net income ($B) | 9.8 | 4.4 | 29.8 | 72.9 | 120.1 |
| Diluted EPS ($) | 0.38 | 0.17 | 1.19 | 2.94 | 4.90 |
| Operating cash flow ($B) | 9.1 | 5.6 | 28.1 | 64.1 | 102.7 |
| Capex ($B) | 1.0 | 1.8 | 1.1 | 3.2 | 6.0 |
| Free cash flow ($B) | 8.1 | 3.8 | 27.0 | 60.9 | 96.7 |
| FCF margin | 30.2% | 14.1% | 44.4% | 46.6% | 44.8% |
| Capex / revenue | 3.6% | 6.8% | 1.8% | 2.5% | 2.8% |
| Total debt ($B) | 11.8 | 12.0 | 11.1 | 10.3 | 11.4 |
| Cash + ST investments ($B) | 21.2 | 13.3 | 26.0 | 43.2 | 62.6 |
| Net debt ($B) | 9.8 | 8.6 | 3.8 | 1.7 | 0.8 |
| Buybacks ($B) | — | 10.0 | 9.5 | 33.7 | 40.1 |
| Diluted shares (B) | 25.4 | 25.1 | 24.9 | 24.8 | 24.4 |
NVDA's five-year arc is one of the cleanest growth-and-profitability prints in modern equity history. Revenue 8x'd from $26.9B (FY22) to $215.9B (FY26) while operating margin expanded from 37% to 60% and FCF margin from 30% to 45%. Capex stays sub-3% of revenue — the TSMC-fabbed, software-moated economics give NVDA the rare combination of hyperscaler-grade growth with asset-light returns. Net debt is effectively zero ($0.8B against $5.5T market cap) and FY26 alone returned $41B to shareholders — $40B in buybacks shrinking the diluted share count from 25.4B to 24.4B. The single discontinuity in the series is FY23 (crypto unwind, channel destocking) — context worth remembering when evaluating bear-case scenarios on hyperscaler digestion.
v.What management said, eight quarters of nuance
Theme frequency (mentions per quarter, oldest → newest)
| Theme | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Data Center / AI | 42 | 38 | 55 | 60 | 58 | 52 | 65 | 70 |
| Hopper / H100 / H200 | 22 | 18 | 21 | 14 | 11 | 9 | 5 | 4 |
| Blackwell / B100 / B200 / GB200 | 18 | 24 | 32 | 45 | 42 | 38 | 30 | 28 |
| Rubin / R100 | 0 | 0 | 1 | 4 | 2 | 7 | 12 | 18 |
| Sovereign AI | 10 | 7 | 6 | 5 | 9 | 8 | 4 | 6 |
| China / export ctrls / H20 | 12 | 7 | 5 | 6 | 22 | 14 | 8 | 9 |
| Networking / NVLink / Spectrum-X | 20 | 18 | 16 | 22 | 28 | 32 | 26 | 30 |
| Inference | 15 | 14 | 22 | 30 | 28 | 25 | 30 | 35 |
| Software / CUDA / Enterprise | 25 | 28 | 30 | 28 | 32 | 30 | 35 | 38 |
| Automotive / Robotics | 12 | 9 | 14 | 22 | 24 | 22 | 20 | 25 |
Recurring operational metrics — verbatim from prepared remarks
| Metric | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Total revenue | $26.0B | $30.0B | $35.1B | $39.3B | $44.0B | $46.7B | $57.0B | $68.0B |
| Data Center revenue | $22.6B | $26.3B | $30.8B | $35.6B | $39.1B | $41.1B | $51.0B | $62.0B |
| Gaming revenue | $2.65B | $2.88B | $3.3B | $2.5B | $3.8B | $4.3B | $4.3B | $3.7B |
| Automotive revenue | $329M | $346M | $449M | $570M | $567M | $586M | $592M | $604M |
| Networking revenue | — | — | — | — | $5.0B | $7.3B | $8.2B | $11.0B |
| Non-GAAP gross margin | 78.9% | 75.7% | 75.0% | 73.5% | 61% / 71.3% ex-H20 | 72.7% | 73.6% | 75.2% |
| Capital returned | $7.8B | $7.4B | $11.2B | $8.1B | $14.3B | $10.0B | — | $41B FY |
- Product-cycle pivot is real and trackable: Hopper mentions collapsed from 22→4 across the eight quarters while Rubin went from 0→18. Blackwell peaked at 45 (Q4 FY25) then settled at 28-38 as it matured from 'announcement' to 'shipping'.
- Data Center revenue went from $22.6B → $62.0B in 8 quarters, a 2.7x absolute step-up. Networking emerged as a distinct disclosed line at $5.0B → $11.0B (Q1 FY26 onward) — the 'systems sale' story is showing up in the financials.
- Gross margin traced a clean U: 78.9% → 61% (Q1 FY26 H20 hit) → 75.2% (Q4 FY26). Mgmt's mid-70s guide has held through Blackwell ramp; the Rubin transition in CY27 will be the next stress test of this guide.
- China mentions spiked in Q1 FY26 (22x — H20 export controls + $4.5B write-down) then receded to single digits as the segment was zero-ed out of forward guidance. This is now option-value, not embedded revenue.
FY guide track — what management told us each quarter
| Quarter | Next-Q rev guide | GM guide | Action / framing |
|---|---|---|---|
| Q1 FY25 (May 2024) | $28.0B (Q2 FY25) | 75.5%; mid-70s FY | Raised — Blackwell announced full production; H200 ramp |
| Q2 FY25 (Aug 2024) | $32.5B (Q3 FY25) | 75.0%; mid-70s FY | Raised — Blackwell mask change; Hopper still strong |
| Q3 FY25 (Nov 2024) | $37.5B (Q4 FY25) | 73.5%; low-70s ramp | Raised — 'staggering' Blackwell demand |
| Q4 FY25 (Feb 2025) | $43.0B (Q1 FY26) | 71.0%; mid-70s exit | Raised — $11B Blackwell in Q4 (fastest ramp ever) |
| Q1 FY26 (May 2025) | $45.0B (Q2 FY26); $8B H20 loss | 72.0%; mid-70s | Maintained despite shock — $4.5B H20 write-down |
| Q2 FY26 (Aug 2025) | $54.0B (Q3 FY26); no China DC | 73.5%; mid-70s exit | Raised — $3-4T AI infra TAM first cited; sovereign $20B+ |
| Q3 FY26 (Nov 2025) | $65.0B (Q4 FY26); +14% QoQ | 74.8% | Raised significantly — $500B Blackwell+Rubin visibility CY26 |
| Q4 FY26 (Feb 2026) | $78.0B (Q1 FY27); no China DC | 75.0%; mid-70s FY | Raised — $500B 'exceeded'; Rubin samples shipped; hyperscaler CapEx ~$700B |
Verbatim quotes — anchoring the arc
- Every guide print except Q1 FY26 (the H20 shock) was a RAISE. The cadence is now: each quarter mgmt raises forward $-pipeline disclosure by an order of magnitude — '$7B Q4 FY25 Blackwell' → '$500B Blackwell+Rubin through CY26' → 'exceeded $500B, visibility into CY27' in five quarters.
- The Q1 FY26 CFO quote is the bear-case anchor: NVDA management itself sized the China loss at '$50B TAM,' giving the bear case a quantified downside number. The bull thesis only stands if non-China growth continues to compound through CY27.
- The Q3 FY26 CEO quote ('half a trillion dollars... $3-4T over five years') is the most concrete forward-revenue framing ever offered by a hardware company. Even haircut 50%, it implies CY27 revenue meaningfully above current FY28 consensus ($489B).
- Software / CUDA / Enterprise mentions rose monotonically (25→38) — management is building the post-hardware-cycle narrative explicitly. If Rubin or successor faces yield issues, the software-moat argument is the second-tier valuation defense.
vi.Where it Trades
Forward P/E (FY+1) · Sorted high to low
Faircurve-curated peer set: AMD, AVGO, TSM, MRVL. Selected to triangulate three narrative engines: direct GPU/accelerator competition (AMD), custom AI-ASIC + networking economics (AVGO, MRVL), and the foundry that physically fabricates the basket (TSM). All forward-multiple comparisons use FY+1 consensus revenue, EBITDA, and EPS, pulled live from FMP analyst consensus. Forward anchor years: NVDA FY27 (Jan 2027); AMD FY26 (Dec 2026); AVGO FY26 (Nov 2026); TSM FY26 (Dec 2026, NT$→USD at NT$32.4); MRVL FY27 (Jan 2027). Fwd EV/EBITDA for AMD and MRVL reflects GAAP-basis EBITDA (depressed by acquisition amortization); the cleaner comparable for those names is Fwd P/E.
| Ticker | Mkt cap ($B) | Fwd P/E | Fwd EV/EBITDA | Fwd P/S | Fwd EBITDA margin | Fwd rev growth |
|---|---|---|---|---|---|---|
| NVDA | $5,475 | 27.1x | 29.0x | 14.8x | 51.1% | +71.1% |
| AMD | $691 | 57.3x | 64.0x* | 13.9x | 21.7%* | +45.7% |
| AVGO | $2,013 | 37.5x | 37.1x | 19.4x | 53.9% | +63.3% |
| TSM | $2,097 | 26.2x | 15.4x | 12.9x | 70.0% | +38.0% |
| MRVL | $155 | 46.2x | 67.5x* | 14.3x | 21.4%* | +32.7% |
| Peer avg (ex-NVDA) | — | 41.8x | 46.0x | 15.1x | 41.8% | +44.9% |
* AMD and MRVL Fwd EV/EBITDA elevated by GAAP-basis amortization drag — non-GAAP EBITDA materially higher; treat as not-meaningful comparables.
vii.The Frame
Key assumptions — base case inputs and basis
| Variable | Base value | Rationale & basis |
|---|---|---|
| FY27 Revenue | $369.4B | FMP 39-analyst consensus (+71.1% YoY vs FY26 $215.9B). Implies hyperscaler CapEx sustains. |
| FY27 EBITDA (non-GAAP) | $188.9B | Consensus 51.1% EBITDA margin; reflects Blackwell-Ultra ramp + Rubin sample contribution. |
| FY27 EPS | $8.31 | FMP 30-analyst consensus; ~$202B net income on 24.4B diluted shares. +70% YoY. |
| Forward P/E multiple | 33.0x | Anchor: peer-clean median of AVGO 37.5x + TSM 26.2x = 31.85x; +4% premium for NVDA growth gap. |
| Forward EV/EBITDA | 33.0x | Same anchor logic; AMD/MRVL excluded from anchor due to GAAP-EBITDA artifact. |
| DCF WACC | 12.7% | CAPM: through-cycle Beta 1.7 × 5.0% MRP + 4.2% Rf = 12.7% CoE; D/V 0.2% (essentially all-equity). |
| DCF terminal growth | 3.0% | US long-run GDP 2.0% + 1.0% AI-infrastructure durability premium. |
| Net debt | $0.8B | FY26 BS: $11.4B total debt − $62.6B cash & ST investments + $22.3B LT investments = effectively zero. |
| Diluted shares | 24,432 M | Q4 FY26 weighted-average diluted share count; net of $40B FY26 buyback. |
Bull / Bear flex bridge — what changes from consensus base
| Variable | Bear | Bear: why | Base | Bull | Bull: why |
|---|---|---|---|---|---|
| FY27 Revenue | $310B | Hyperscaler CapEx digests 15%; China $0; one-quarter sell-through delay | $369B | $420B | Hyperscaler CapEx +60%; sovereign accelerates; modest China rebound |
| FY27 EBITDA margin | 47.0% | GM compresses on Blackwell Ultra → Rubin transition double-step | 51.1% | 53.5% | Software/services mix rises; Networking $50B+ FY27 run-rate |
| FY27 EPS | $6.80 | Lower revenue × lower margin × buyback yield drops on lower FCF | $8.31 | $9.80 | Higher revenue × margin expansion + accelerated buybacks |
| Fwd P/E multiple | 24.0x | AI-narrative pause; multiples compress to mega-cap-tech average | 33.0x | 38.0x | Multiple expansion as CY28 capacity disclosed; full peer-avg credit |
| Fwd EV/EBITDA | 22.0x | Sympathy with semis cycle bear; risk-off rotation | 33.0x | 38.0x | AVGO-equivalent multiple credit |
| WACC | 15.4% | Spot Beta 2.24 used; risk premium unchanged | 12.7% | 11.0% | Through-cycle Beta 1.4; AI durability premium |
| Terminal growth | 2.0% | GDP-only; no AI-tailwind premium | 3.0% | 3.5% | Sector durability premium + secular shift to accelerated compute |
Blended methodology — 40% Fwd P/E + 40% Fwd EV/EBITDA + 20% DCF
| Method | Weight | Bear | Base | Bull |
|---|---|---|---|---|
| Forward P/E (FY27) | 40% | $163.20 | $274.23 | $372.40 |
| Forward EV/EBITDA (FY27) | 40% | $131.16 | $255.11 | $349.45 |
| DCF (10Y, terminal) | 20% | $90.00 | $145.00 | $200.00 |
| Blended fair value | 100% | $135.75 | $240.74 | $328.74 |
viii.Three scenarios
Hyperscaler CapEx pauses (–15%), China remains zero, Rubin slips two quarters, and Blackwell Ultra → Rubin transition compresses EBITDA margin to 47%. FY27 revenue $310B, EPS $6.80. Forward P/E compresses to 24x = $163 (40% = $65). Forward EV/EBITDA 22x on $146B EBITDA → $131 (40% = $52). DCF at $90 with spot Beta 2.24 (20% = $18). Implies the kind of multiple reset seen in the 2018 datacenter pause or 2022 crypto unwind. Probability we attach ~25%; trigger is two consecutive hyperscaler capex guide-downs or an EU/India export-control extension.
Consensus FY27 (+71% revenue $369B, $8.31 EPS) prints cleanly. 33x forward P/E = $274 (40% = $110) plus 33x forward EV/EBITDA on $189B EBITDA = $255 (40% = $102) plus DCF $145 (20% = $29) blends to $240.74. Implies +6.8% to current $225.32 spot — fairly valued on consensus. Multiple discipline anchors here; through-cycle Beta 1.7 keeps DCF at $145. Sell-side consensus PT $276.75 (+22.8%) sits between our base and bull — the gap is multiple-expansion credit we are not yet willing to extend without FY28 capacity disclosure.
Q1 FY27 call discloses explicit FY28 capacity; sovereign + inference reasoning drive FY27 revenue to $420B at 53.5% EBITDA margin. EPS $9.80 at 38x P/E = $372 (40% = $149); 38x EV/EBITDA on $225B EBITDA = $349 (40% = $140); DCF $200 (20% = $40). Probability ~30%; the most plausible single trigger is Rubin first-yield news in 2H CY26 enabling Rubin Ultra timeline pull-forward and an explicit CY27 capacity number on the next call.
ix.What could change the call
Principal risks
Catalysts over the next 12 months
- Q1 FY27 print (May 20, 2026): FY28 capacity commentary; Q2 guide vs sell-side $78B implied; gross margin recovery toward 75% non-GAAP.
- Rubin first-customer ship (mid-CY26 expected) and yield disclosure — defines the CY27 ramp slope and Rubin-Ultra timeline.
- Hyperscaler CapEx guide cycle (Q2/Q3 CY26): MSFT, GOOGL, META, AMZN, ORCL — flat or up sustains the bull case; flat-to-down anchors the bear.
- China H200/Blackwell license clarity — each $5B of recovered China revenue is worth $0.15-0.20 of FY27 EPS and a 1-2x multiple expansion.
Faircurve Equities · Independent Single-Name Research · NVDA · Saturday, May 16, 2026
Sources: Financial Modeling Prep (price, financials, peer comp, estimates · 39 analysts FY27 rev, 30 analysts FY27 EPS). Earnings call transcripts, trailing 8 quarters (Q1 FY25 — Q4 FY26). Methodology: forward-multiple peer comparison, consensus-anchored base, 40/40/20 P/E · EV/EBITDA · DCF blend, CAPM WACC cross-check.
This document is research, not advice. Faircurve Equity Research does not make a market in the securities discussed. Forward-looking statements involve risks, uncertainties, and assumptions. Past performance is not indicative of future results.