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Model Note · C.E. INFO SYSTEMS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
C.E. INFO SYSTEMS LIMITED Discounted cash flow · base FY26
C.E. INFO SYSTEMS LIMITED
Value per share, this model₹285
CMP 2026-09-10₹923.50
Difference(69.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of C.E. INFO SYSTEMS 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
2.5% a year
FY26 2.3% · 5-yr CAGR —%
EBITDA margin
37%
FY26 37.0% · 5-yr average 40.4%
Depreciation · capex, % of revenue
6.4% · 8.9%, fading to 1.2× depreciation
FY26 6.4% · 8.9%
Working capital, % of added revenue · tax
27.7% · 28.1%
101 working-capital days · effective 28.1%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(61) · ₹0 · ₹0 cr
FY26 net debt ₹(61) cr
Shares
5.48 crore
5.48 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
474
486
498
511
523
536
growth %
2.3
2.5
2.5
2.5
2.5
2.5
EBITDA
176
180
184
189
194
198
Depreciation
(30)
(31)
(32)
(33)
(33)
(34)
NOPAT
104
107
110
112
115
118
less capex
(42)
(43)
(43)
(42)
(42)
(41)
less working-capital build
—
(3)
(3)
(3)
(4)
(4)
Free cash flow to firm
—
91
95
99
103
108
Present value
87
81
76
72
67
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 · C.E. INFO SYSTEMS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
384
PV of the terminal value (74% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
294
314
339
369
406
10.5%
273
290
310
334
363
11.0%
254
269
285
305
328
11.5%
239
251
265
281
300
12.0%
225
235
247
261
277
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
