C.E. INFO SYSTEMS LIMITED — valuation model

C.E. INFO SYSTEMS LIMITEDMAPMYINDIAIT - Software

₹285per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹285implied FY26 P/E 11.4× · EV/EBITDA 8.5×

Against CMP ₹923.50−69.1%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3174%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹225₹406

52-week rangetraded range, a fact not a value

₹795₹1,998

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	384
PV of terminal value	1,117
Enterprise value	1,500
less net debt	61
less non-controlling interest	0
add non-operating investments	0
Equity value	1,561
÷ 5.48 crore shares	₹285

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	294	314	339	369	406
10.50%	273	290	310	334	363
11.00%	254	269	285	305	328
11.50%	239	251	265	281	300
12.00%	225	235	247	261	277

The outlined cell is your model. Green figures sit above the CMP of ₹923.50; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	239 · 283 · 338
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.72
Rank correlation with discount rate	−0.64
Rank correlation with revenue growth	+0.09

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	281	379	463	474	486	498	511	523	536
growth %	40.4	34.8	22.1	2.3	2.5	2.5	2.5	2.5	2.5
EBITDA	118	156	180	176	180	184	189	194	198
margin %	41.9	41.2	38.8	37.0	37.0	37.0	37.0	37.0	37.0
less depreciation	(10)	(15)	(20)	(30)	(31)	(32)	(33)	(33)	(34)
EBIT	108	141	160	145	149	152	156	160	164
less tax on EBIT				(41)	(42)	(43)	(44)	(45)	(46)
NOPAT				104	107	110	112	115	118
add depreciation	10	15	20	30	31	32	33	33	34
less capex	(15)	(27)	(49)	(42)	(43)	(43)	(42)	(42)	(41)
less working-capital build				—	(3)	(3)	(3)	(4)	(4)
Free cash flow to firm	75	48	64	—	91	95	99	103	108
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					87	81	76	72	67

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 0, dividends at 14.2% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	145	149	152	156	160	164
Interest at 12.9% on debt		0	0	0	0	0
Profit before tax		149	152	156	160	164
Profit after tax	134	107	110	112	115	118
Dividends	(19)	(15)	(16)	(16)	(16)	(17)
Balance sheet, year end
Cash	61	137	217	300	387	478
Working capital	131	134	138	141	145	148
Net block and other assets	844	856	867	876	885	892
Debt	0	0	0	0	0	0
Equity	905	997	1,091	1,187	1,286	1,387
Balance check	0	0	0	0	0	0
Cash flow
From operations		135	138	142	145	149
Investing (capex)		(43)	(43)	(42)	(42)	(41)
Financing (dividends)		(15)	(16)	(16)	(16)	(17)
Net change in cash		76	80	83	87	91
Free cash flow to equity		91	95	99	103	108

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	2.5%	37%	11.00%	5%	₹285	(69.1)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.