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Model Note · EIH ASSOCIATED HOTELS LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EIH ASSOCIATED HOTELS LTD Discounted cash flow · base FY26
EIH ASSOCIATED HOTELS LTD
Value per share, this model₹119
CMP, 9 Oct 2026₹289.40
Difference(59.0)%
Growth the CMP implies15.1%/yr
This note states the assumptions and the arithmetic of one model of EIH ASSOCIATED HOTELS LTD, built on its filed FY26 standalone 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
-5% a year
FY26 (6.0)% · 5-yr CAGR 30.5%
EBITDA margin
30%
FY26 30.0% · 5-yr average 26.8%
Depreciation · capex, % of revenue
4.4% · 15.8%, fading to 1.2× depreciation
FY26 4.4% · 15.8%
Working capital, % of added revenue · tax
0% · 25.5%
-20 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.14
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(5) cr
Shares
6.09 crore
6.09 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
384
365
346
329
313
297
growth %
(6.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
115
109
104
99
94
89
Depreciation
(17)
(16)
(15)
(14)
(14)
(13)
NOPAT
73
70
66
63
60
57
less capex
(61)
(58)
(46)
(35)
(25)
(16)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
28
36
43
49
54
Present value
27
31
33
34
34
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 · EIH ASSOCIATED HOTELS LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
157
PV of the terminal value (78% of EV)
561
Enterprise value
718
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
723
÷ 6.09 crore shares
₹119
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
123
132
143
156
173
10.5%
113
121
130
140
154
11.0%
105
111
119
128
138
11.5%
98
103
109
117
125
12.0%
91
96
101
108
115
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
