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Model Note · BLS E-SERVICES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BLS E-SERVICES LIMITED Discounted cash flow · base FY26
BLS E-SERVICES LIMITED
Value per share, this model₹223
CMP 2026-09-10₹310.00
Difference(28.0)%
Growth the CMP implies41.5%/yr
This note states the assumptions and the arithmetic of one model of BLS E-SERVICES 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
30% a year
FY26 115.2% · 5-yr CAGR —%
EBITDA margin
6.7%
FY26 6.7% · 5-yr average 10.7%
Depreciation · capex, % of revenue
0.6% · 0.8%, fading to 1.2× depreciation
FY26 0.6% · 0.8%
Working capital, % of added revenue · tax
3.3% · 25.5%
12 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(88) · ₹0 · ₹0 cr
FY26 net debt ₹(88) cr
Shares
9.04 crore
9.04 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
1,118
1,453
1,889
2,456
3,193
4,150
growth %
115.2
30.0
30.0
30.0
30.0
30.0
EBITDA
75
97
127
165
214
278
Depreciation
(6)
(9)
(11)
(15)
(19)
(25)
NOPAT
51
66
86
112
145
189
less capex
(9)
(12)
(15)
(19)
(24)
(30)
less working-capital build
—
(11)
(14)
(19)
(24)
(32)
Free cash flow to firm
—
52
68
89
116
152
Present value
49
58
69
81
95
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 · BLS E-SERVICES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
352
PV of the terminal value (82% of EV)
1,579
Enterprise value
1,931
less net debt
88
less non-controlling interest
0
add non-operating investments
0
Equity value
2,019
÷ 9.04 crore shares
₹223
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
231
248
269
294
326
10.5%
212
227
244
264
289
11.0%
197
209
223
240
260
11.5%
183
194
206
220
236
12.0%
172
181
191
202
216
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
