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Model Note · CEIGALL INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CEIGALL INDIA LIMITED Discounted cash flow · base FY26
CEIGALL INDIA LIMITED
Value per share, this model₹568
CMP 2026-09-10₹381.60
Difference48.9%
Growth the CMP implies8.3%/yr
This note states the assumptions and the arithmetic of one model of CEIGALL INDIA 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
17% a year
FY26 17.0% · 5-yr CAGR —%
EBITDA margin
14.6%
FY26 14.6% · 5-yr average 14.8%
Depreciation · capex, % of revenue
1.5% · 1.9%, fading to 1.2× depreciation
FY26 1.5% · 1.9%
Working capital, % of added revenue · tax
0% · 26%
-67 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,030 · ₹0 · ₹0 cr
FY26 net debt ₹1,030 cr
Shares
17.42 crore
17.42 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
4,022
4,706
5,506
6,442
7,538
8,819
growth %
17.0
17.0
17.0
17.0
17.0
17.0
EBITDA
585
687
804
941
1,100
1,288
Depreciation
(62)
(71)
(83)
(97)
(113)
(132)
NOPAT
388
456
534
625
731
855
less capex
(78)
(89)
(103)
(119)
(138)
(159)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
437
513
602
706
828
Present value
415
439
464
490
518
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 · CEIGALL INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,326
PV of the terminal value (79% of EV)
8,604
Enterprise value
10,930
less net debt
(1,030)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,900
÷ 17.42 crore shares
₹568
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
589
639
698
770
860
10.5%
538
579
627
685
756
11.0%
494
528
568
616
673
11.5%
455
485
519
558
605
12.0%
422
447
476
509
548
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
