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Model Note · COFORGE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
COFORGE LIMITED Discounted cash flow · base FY26
COFORGE LIMITED
Value per share, this model₹763
CMP 2026-09-10₹1,846.50
Difference(58.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of COFORGE 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 36.1% · 5-yr CAGR 28.6%
EBITDA margin
16.5%
FY26 16.5% · 5-yr average 15.7%
Depreciation · capex, % of revenue
4.2% · 4.5%, fading to 1.2× depreciation
FY26 4.2% · 4.5%
Working capital, % of added revenue · tax
24.2% · 13.4%
88 working-capital days · effective 13.4%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(694) · ₹0 · ₹0 cr
FY26 net debt ₹(694) cr
Shares
44.25 crore
44.25 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
16,403
21,324
27,721
36,037
46,848
60,902
growth %
36.1
30.0
30.0
30.0
30.0
30.0
EBITDA
2,710
3,518
4,574
5,946
7,730
10,049
Depreciation
(682)
(896)
(1,164)
(1,514)
(1,968)
(2,558)
NOPAT
1,756
2,271
2,953
3,839
4,990
6,487
less capex
(743)
(960)
(1,285)
(1,719)
(2,298)
(3,069)
less working-capital build
—
(1,191)
(1,548)
(2,013)
(2,616)
(3,401)
Free cash flow to firm
—
1,017
1,284
1,621
2,044
2,574
Present value
965
1,098
1,248
1,418
1,610
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 · COFORGE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,339
PV of the terminal value (81% of EV)
26,737
Enterprise value
33,076
less net debt
694
less non-controlling interest
0
add non-operating investments
0
Equity value
33,770
÷ 44.25 crore shares
₹763
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
789
849
921
1,009
1,120
10.5%
726
776
835
906
993
11.0%
672
714
763
821
891
11.5%
625
661
703
751
808
12.0%
585
615
651
691
739
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
