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Model Note · EFC (I) LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EFC (I) LIMITED Discounted cash flow · base FY26
EFC (I) LIMITED
Value per share, this model₹682
CMP 2026-09-10₹185.05
Difference268.4%
Growth the CMP implies(5.7)%/yr
This note states the assumptions and the arithmetic of one model of EFC (I) 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 57.9% · 5-yr CAGR —%
EBITDA margin
45.2%
FY26 45.2% · 5-yr average 49.7%
Depreciation · capex, % of revenue
11.6% · 0%, fading to 1.2× depreciation
FY26 11.6% · 0.0%
Working capital, % of added revenue · tax
13.4% · 24%
49 working-capital days · effective 24.0%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹297 · ₹0 · ₹0 cr
FY26 net debt ₹297 cr
Shares
14.79 crore
14.79 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
1,037
1,348
1,752
2,278
2,961
3,849
growth %
57.9
30.0
30.0
30.0
30.0
30.0
EBITDA
468
609
792
1,029
1,338
1,740
Depreciation
(120)
(156)
(203)
(264)
(343)
(446)
NOPAT
264
344
447
582
756
983
less capex
0
0
(61)
(159)
(309)
(536)
less working-capital build
—
(42)
(54)
(70)
(92)
(119)
Free cash flow to firm
—
459
535
617
699
775
Present value
435
458
475
485
484
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 · EFC (I) LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,338
PV of the terminal value (77% of EV)
8,044
Enterprise value
10,382
less net debt
(297)
less non-controlling interest
0
add non-operating investments
0
Equity value
10,085
÷ 14.79 crore shares
₹682
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
705
759
824
904
1,003
10.5%
648
693
746
810
888
11.0%
600
637
682
734
797
11.5%
557
590
627
670
722
12.0%
521
548
580
617
659
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
