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Model Note · CEINSYS TECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CEINSYS TECH LIMITED Discounted cash flow · base FY26
CEINSYS TECH LIMITED
Value per share, this model₹834
CMP 2026-09-10₹706.00
Difference18.1%
Growth the CMP implies(2.2)%/yr
This note states the assumptions and the arithmetic of one model of CEINSYS TECH 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
30% a year
FY26 58.0% · 5-yr CAGR 29.0%
EBITDA margin
21.9%
FY26 21.9% · 5-yr average 16.9%
Depreciation · capex, % of revenue
1.7% · 2.1%, fading to 1.2× depreciation
FY26 1.7% · 2.1%
Working capital, % of added revenue · tax
47.5% · 15.7%
173 working-capital days · effective 15.7%
Discount rate
11.00%
1-yr beta 1.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹40 · ₹0 · ₹0 cr
FY26 net debt ₹40 cr
Shares
2.09 crore
2.09 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
661
859
1,117
1,452
1,887
2,453
growth %
58.0
30.0
30.0
30.0
30.0
30.0
EBITDA
145
188
245
318
413
537
Depreciation
(11)
(15)
(19)
(25)
(32)
(42)
NOPAT
113
146
190
247
321
418
less capex
(14)
(18)
(23)
(30)
(39)
(50)
less working-capital build
—
(94)
(122)
(159)
(207)
(269)
Free cash flow to firm
—
49
63
83
108
140
Present value
46
54
64
75
88
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 · CEINSYS TECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
327
PV of the terminal value (82% of EV)
1,459
Enterprise value
1,786
less net debt
(40)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,746
÷ 2.09 crore shares
₹834
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
863
933
1,016
1,118
1,245
10.5%
791
848
916
998
1,098
11.0%
729
777
834
901
981
11.5%
675
716
764
820
885
12.0%
628
664
704
751
806
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
