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Model Note · ARTEMIS ELECTRICALS & P L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARTEMIS ELECTRICALS & P L Discounted cash flow · base FY26
ARTEMIS ELECTRICALS & P L
Value per share, this model₹8
CMP 2026-09-10₹17.50
Difference(54.1)%
Growth the CMP implies33.9%/yr
This note states the assumptions and the arithmetic of one model of ARTEMIS ELECTRICALS & P 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
11.5% a year
FY26 11.4% · 5-yr CAGR —%
EBITDA margin
15.4%
FY26 15.4% · 5-yr average 9.5%
Depreciation · capex, % of revenue
1.5% · 0%, fading to 1.2× depreciation
FY26 1.5% · 0.0%
Working capital, % of added revenue · tax
1.6% · 25.6%
6 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(13) · ₹0 · ₹0 cr
FY26 net debt ₹(13) cr
Shares
25.10 crore
25.10 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
81
90
100
112
125
139
growth %
11.4
11.5
11.5
11.5
11.5
11.5
EBITDA
12
14
15
17
19
21
Depreciation
(1)
(1)
(2)
(2)
(2)
(2)
NOPAT
8
9
10
12
13
14
less capex
0
0
(0)
(1)
(2)
(2)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
10
11
12
13
14
Present value
10
10
9
9
9
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 · ARTEMIS ELECTRICALS & P L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
46
PV of the terminal value (75% of EV)
142
Enterprise value
189
less net debt
13
less non-controlling interest
0
add non-operating investments
0
Equity value
202
÷ 25.10 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
10
11
10.5%
8
8
9
9
10
11.0%
7
8
8
9
9
11.5%
7
7
7
8
8
12.0%
6
7
7
7
8
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
