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Model Note · BIRLASOFT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BIRLASOFT LIMITED Discounted cash flow · base FY26
BIRLASOFT LIMITED
Value per share, this model₹254
CMP 2026-09-10₹281.50
Difference(9.7)%
Growth the CMP implies3.7%/yr
This note states the assumptions and the arithmetic of one model of BIRLASOFT LIMITED, 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% a year
FY26 (1.2)% · 5-yr CAGR 8.4%
EBITDA margin
15.5%
FY26 15.5% · 5-yr average 14.1%
Depreciation · capex, % of revenue
1.5% · 0.8%, fading to 1.2× depreciation
FY26 1.5% · 0.8%
Working capital, % of added revenue · tax
18.1% · 34.4%
66 working-capital days · effective 34.4%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(418) · ₹0 · ₹0 cr
FY26 net debt ₹(418) cr
Shares
27.96 crore
27.96 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
5,310
5,257
5,204
5,152
5,101
5,050
growth %
(1.2)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
825
815
807
799
791
783
Depreciation
(80)
(79)
(78)
(77)
(77)
(76)
NOPAT
489
483
478
473
468
464
less capex
(44)
(42)
(55)
(67)
(79)
(91)
less working-capital build
—
10
10
9
9
9
Free cash flow to firm
—
529
511
493
475
458
Present value
502
437
380
330
286
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 · BIRLASOFT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,935
PV of the terminal value (71% of EV)
4,755
Enterprise value
6,690
less net debt
418
less non-controlling interest
0
add non-operating investments
0
Equity value
7,108
÷ 27.96 crore shares
₹254
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
262
279
299
324
355
10.5%
244
258
275
295
319
11.0%
229
240
254
271
290
11.5%
215
225
237
251
267
12.0%
204
212
222
234
247
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
