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Model Note · Desco Infratech Limited · 6 November 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Desco Infratech Limited Discounted cash flow · base FY26
Desco Infratech Limited
Value per share, this model₹437
CMP, 6 Nov 2026₹167.80
Difference160.5%
Growth the CMP implies(14.8)%/yr
This note states the assumptions and the arithmetic of one model of Desco Infratech 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
19.6%
FY26 19.6% · 5-yr average 19.6%
Depreciation · capex, % of revenue
0% · 2.4%, fading to 1.2× depreciation
FY26 0.0% · 2.4%
Working capital, % of added revenue · tax
4.6% · 25.2%
17 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.77 crore
0.77 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
119
128
138
149
161
174
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
23
25
27
29
32
34
Depreciation
0
0
0
0
0
0
NOPAT
17
19
20
22
24
26
less capex
(3)
(3)
(2)
(2)
(1)
0
less working-capital build
—
(0)
(0)
(1)
(1)
(1)
Free cash flow to firm
—
15
17
20
22
25
Present value
14
15
15
15
16
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 · Desco Infratech Limited · 6 November 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
75
PV of the terminal value (77% of EV)
259
Enterprise value
335
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
336
÷ 0.77 crore shares
₹437
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
452
485
526
575
637
10.5%
416
444
477
517
566
11.0%
386
410
437
470
509
11.5%
360
380
403
430
462
12.0%
337
354
374
397
423
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
