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Model Note · Citizen Solar Limited · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Citizen Solar Limited Discounted cash flow · base FY26
Citizen Solar Limited
Value per share, this model₹486
CMP, 28 Oct 2026₹166.00
Difference193.0%
Growth the CMP implies4.7%/yr
This note states the assumptions and the arithmetic of one model of Citizen Solar Limited, built on its filed FY26 standalone 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 7578.2% · 5-yr CAGR 254.6%
EBITDA margin
10.7%
FY26 10.7% · 5-yr average (25.6)%
Depreciation · capex, % of revenue
0.6% · 7.3%, fading to 1.2× depreciation
FY26 0.6% · 7.3%
Working capital, % of added revenue · tax
6.6% · 25.5%
24 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹106 · ₹0 · ₹0 cr
FY26 net debt ₹106 cr
Shares
1.40 crore
1.40 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
311
404
525
683
888
1,154
growth %
7578.2
30.0
30.0
30.0
30.0
30.0
EBITDA
33
43
56
73
95
124
Depreciation
(2)
(2)
(3)
(4)
(5)
(7)
NOPAT
23
30
40
51
67
87
less capex
(23)
(30)
(30)
(27)
(21)
(8)
less working-capital build
—
(6)
(8)
(10)
(14)
(18)
Free cash flow to firm
—
(3)
5
18
38
68
Present value
(3)
4
14
26
42
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 · Citizen Solar Limited · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
84
PV of the terminal value (89% of EV)
705
Enterprise value
789
less net debt
(106)
less non-controlling interest
0
add non-operating investments
0
Equity value
683
÷ 1.40 crore shares
₹486
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
507
557
617
690
782
10.5%
455
496
545
604
677
11.0%
410
445
486
535
592
11.5%
372
402
436
476
524
12.0%
339
364
394
427
467
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
