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Model Note · BLS INTL SERVS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BLS INTL SERVS LTD Discounted cash flow · base FY26
BLS INTL SERVS LTD
Value per share, this model₹734
CMP 2026-09-10₹232.01
Difference216.3%
Growth the CMP implies0.5%/yr
This note states the assumptions and the arithmetic of one model of BLS INTL SERVS 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
30% a year
FY26 36.7% · 5-yr CAGR 44.4%
EBITDA margin
27.3%
FY26 27.3% · 5-yr average 20.7%
Depreciation · capex, % of revenue
3.1% · 4.6%, fading to 1.2× depreciation
FY26 3.1% · 4.6%
Working capital, % of added revenue · tax
0.6% · 9.2%
2 working-capital days · effective 9.2%
Discount rate
11.00%
1-yr beta 1.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(264) · ₹0 · ₹0 cr
FY26 net debt ₹(264) cr
Shares
41.17 crore
41.17 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
2,998
3,898
5,067
6,587
8,563
11,132
growth %
36.7
30.0
30.0
30.0
30.0
30.0
EBITDA
819
1,064
1,383
1,798
2,338
3,039
Depreciation
(94)
(121)
(157)
(204)
(265)
(345)
NOPAT
659
856
1,113
1,447
1,882
2,446
less capex
(137)
(179)
(222)
(274)
(337)
(414)
less working-capital build
—
(5)
(7)
(9)
(12)
(15)
Free cash flow to firm
—
793
1,042
1,368
1,798
2,362
Present value
752
891
1,054
1,248
1,477
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 INTL SERVS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,421
PV of the terminal value (82% of EV)
24,527
Enterprise value
29,949
less net debt
264
less non-controlling interest
0
add non-operating investments
0
Equity value
30,213
÷ 41.17 crore shares
₹734
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
759
818
889
976
1,085
10.5%
697
746
804
874
960
11.0%
644
685
734
791
860
11.5%
598
633
674
722
778
12.0%
558
588
623
663
710
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
