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Model Note · CESC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CESC LTD Discounted cash flow · base FY26
CESC LTD
Value per share, this model₹38
CMP 2026-09-10₹145.45
Difference(73.9)%
Growth the CMP implies22.9%/yr
This note states the assumptions and the arithmetic of one model of CESC 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
9% a year
FY26 9.2% · 5-yr CAGR 9.8%
EBITDA margin
18.6%
FY26 18.6% · 5-yr average 17.3%
Depreciation · capex, % of revenue
6.6% · 21.1%, fading to 1.2× depreciation
FY26 6.6% · 21.1%
Working capital, % of added revenue · tax
6.8% · 23.6%
25 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹17,111 · ₹0 · ₹0 cr
FY26 net debt ₹17,111 cr
Shares
133.00 crore
133.00 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
18,570
20,241
22,063
24,049
26,213
28,572
growth %
9.2
9.0
9.0
9.0
9.0
9.0
EBITDA
3,447
3,765
4,104
4,473
4,876
5,314
Depreciation
(1,228)
(1,336)
(1,456)
(1,587)
(1,730)
(1,886)
NOPAT
1,695
1,856
2,023
2,205
2,403
2,620
less capex
(3,916)
(4,271)
(3,928)
(3,489)
(2,940)
(2,263)
less working-capital build
—
(114)
(124)
(135)
(147)
(160)
Free cash flow to firm
—
(1,193)
(573)
168
1,046
2,082
Present value
(1,132)
(490)
129
726
1,302
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 · CESC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
534
PV of the terminal value (98% of EV)
21,622
Enterprise value
22,156
less net debt
(17,111)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,045
÷ 133.00 crore shares
₹38
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
44
61
80
104
133
10.5%
28
41
57
76
99
11.0%
13
25
38
54
72
11.5%
1
11
22
35
50
12.0%
(10)
(1)
8
19
32
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
