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Model Note · CAPACITE INFRAPROJECT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CAPACITE INFRAPROJECT LTD Discounted cash flow · base FY26
CAPACITE INFRAPROJECT LTD
Value per share, this model₹463
CMP 2026-09-10₹191.90
Difference141.1%
Growth the CMP implies(13.2)%/yr
This note states the assumptions and the arithmetic of one model of CAPACITE INFRAPROJECT 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
11.5% a year
FY26 11.6% · 5-yr CAGR 24.4%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 17.0%
Depreciation · capex, % of revenue
3.8% · 6.7%, fading to 1.2× depreciation
FY26 3.8% · 6.7%
Working capital, % of added revenue · tax
11.6% · 26%
42 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹381 · ₹0 · ₹0 cr
FY26 net debt ₹381 cr
Shares
8.46 crore
8.46 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
2,623
2,924
3,261
3,636
4,054
4,520
growth %
11.6
11.5
11.5
11.5
11.5
11.5
EBITDA
427
477
531
593
661
737
Depreciation
(99)
(111)
(124)
(138)
(154)
(172)
NOPAT
243
271
302
336
375
418
less capex
(175)
(196)
(201)
(205)
(207)
(206)
less working-capital build
—
(35)
(39)
(43)
(48)
(54)
Free cash flow to firm
—
151
185
226
274
330
Present value
143
159
174
190
206
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 · CAPACITE INFRAPROJECT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
872
PV of the terminal value (80% of EV)
3,424
Enterprise value
4,296
less net debt
(381)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,915
÷ 8.46 crore shares
₹463
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
480
520
569
628
702
10.5%
438
471
511
558
616
11.0%
402
430
463
502
548
11.5%
370
394
422
454
493
12.0%
343
364
387
414
446
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
