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Model Note · CYIENT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CYIENT LIMITED Discounted cash flow · base FY26
CYIENT LIMITED
Value per share, this model₹588
CMP 2026-09-10₹1,065.00
Difference(44.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CYIENT 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
-1.5% a year
FY26 (1.3)% · 5-yr CAGR 12.0%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 15.6%
Depreciation · capex, % of revenue
3.8% · 1.3%, fading to 1.2× depreciation
FY26 3.8% · 1.3%
Working capital, % of added revenue · tax
19.6% · 27.7%
71 working-capital days · effective 27.7%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,292) · ₹0 · ₹0 cr
FY26 net debt ₹(1,292) cr
Shares
11.12 crore
11.12 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
7,268
7,159
7,052
6,946
6,842
6,739
growth %
(1.3)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
818
802
790
778
766
755
Depreciation
(278)
(272)
(268)
(264)
(260)
(256)
NOPAT
390
383
377
372
366
361
less capex
(98)
(93)
(149)
(204)
(256)
(307)
less working-capital build
—
21
21
21
20
20
Free cash flow to firm
—
583
517
453
390
329
Present value
554
442
349
271
206
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 · CYIENT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,822
PV of the terminal value (65% of EV)
3,422
Enterprise value
5,243
less net debt
1,292
less non-controlling interest
0
add non-operating investments
0
Equity value
6,535
÷ 11.12 crore shares
₹588
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
602
633
669
714
771
10.5%
569
595
625
661
705
11.0%
541
563
588
617
653
11.5%
517
535
556
581
610
12.0%
496
511
529
550
574
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
