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Model Note · ECOS (INDIA) MOB & HOSP L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ECOS (INDIA) MOB & HOSP L Discounted cash flow · base FY26
ECOS (INDIA) MOB & HOSP L
Value per share, this model₹251
CMP 2026-09-10₹112.80
Difference122.9%
Growth the CMP implies1.2%/yr
This note states the assumptions and the arithmetic of one model of ECOS (INDIA) MOB & HOSP L, 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
23.5% a year
FY26 23.6% · 5-yr CAGR —%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 12.9%
Depreciation · capex, % of revenue
3.5% · 4.3%, fading to 1.2× depreciation
FY26 3.5% · 4.3%
Working capital, % of added revenue · tax
2.4% · 24.6%
9 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 1.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(24) · ₹0 · ₹0 cr
FY26 net debt ₹(24) cr
Shares
6.00 crore
6.00 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
808
998
1,233
1,522
1,880
2,322
growth %
23.6
23.5
23.5
23.5
23.5
23.5
EBITDA
94
116
143
177
218
269
Depreciation
(28)
(35)
(43)
(53)
(66)
(81)
NOPAT
50
61
75
93
115
142
less capex
(35)
(43)
(53)
(65)
(79)
(98)
less working-capital build
—
(5)
(6)
(7)
(9)
(11)
Free cash flow to firm
—
48
60
75
93
115
Present value
46
51
57
64
72
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 · ECOS (INDIA) MOB & HOSP L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
291
PV of the terminal value (80% of EV)
1,194
Enterprise value
1,485
less net debt
24
less non-controlling interest
0
add non-operating investments
0
Equity value
1,509
÷ 6.00 crore shares
₹251
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
260
280
304
333
369
10.5%
239
256
275
298
327
11.0%
221
235
251
271
294
11.5%
206
218
231
247
266
12.0%
193
203
214
228
243
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
