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Model Note · CMS INFO SYSTEMS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CMS INFO SYSTEMS LIMITED Discounted cash flow · base FY26
CMS INFO SYSTEMS LIMITED
Value per share, this model₹210
CMP 2026-09-10₹224.89
Difference(6.4)%
Growth the CMP implies7.2%/yr
This note states the assumptions and the arithmetic of one model of CMS INFO SYSTEMS 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
2.5% a year
FY26 2.6% · 5-yr CAGR —%
EBITDA margin
23.6%
FY26 23.6% · 5-yr average 25.8%
Depreciation · capex, % of revenue
8.3% · 16.5%, fading to 1.2× depreciation
FY26 8.3% · 16.5%
Working capital, % of added revenue · tax
26.1% · 25.2%
95 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(112) · ₹0 · ₹0 cr
FY26 net debt ₹(112) cr
Shares
16.01 crore
16.01 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
2,487
2,549
2,613
2,678
2,745
2,814
growth %
2.6
2.5
2.5
2.5
2.5
2.5
EBITDA
587
602
617
632
648
664
Depreciation
(208)
(212)
(217)
(222)
(228)
(234)
NOPAT
284
292
299
307
314
322
less capex
(409)
(421)
(388)
(354)
(318)
(280)
less working-capital build
—
(16)
(17)
(17)
(17)
(18)
Free cash flow to firm
—
66
111
157
206
257
Present value
63
95
121
143
161
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 · CMS INFO SYSTEMS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
583
PV of the terminal value (82% of EV)
2,673
Enterprise value
3,257
less net debt
112
less non-controlling interest
0
add non-operating investments
0
Equity value
3,369
÷ 16.01 crore shares
₹210
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
218
234
254
279
309
10.5%
200
214
230
250
274
11.0%
185
197
210
227
246
11.5%
172
182
194
207
223
12.0%
161
170
179
191
204
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
