The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · EIH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EIH LIMITED Discounted cash flow · base FY26
EIH LIMITED
Value per share, this model₹129
CMP 2026-09-10₹287.45
Difference(55.1)%
Growth the CMP implies26.3%/yr
This note states the assumptions and the arithmetic of one model of EIH 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
7% a year
FY26 7.2% · 5-yr CAGR 42.7%
EBITDA margin
30.3%
FY26 30.3% · 5-yr average 26.9%
Depreciation · capex, % of revenue
4.8% · 23.6%, fading to 1.2× depreciation
FY26 4.8% · 23.6%
Working capital, % of added revenue · tax
0.3% · 32.7%
1 working-capital days · effective 32.7%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(173) · ₹0 · ₹0 cr
FY26 net debt ₹(173) cr
Shares
62.54 crore
62.54 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
2,940
3,145
3,366
3,601
3,853
4,123
growth %
7.2
7.0
7.0
7.0
7.0
7.0
EBITDA
892
953
1,020
1,091
1,168
1,249
Depreciation
(143)
(151)
(162)
(173)
(185)
(198)
NOPAT
504
540
578
618
661
708
less capex
(693)
(742)
(644)
(529)
(394)
(237)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
(52)
94
262
452
667
Present value
(50)
81
201
313
417
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 LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
963
PV of the terminal value (88% of EV)
6,929
Enterprise value
7,892
less net debt
173
less non-controlling interest
0
add non-operating investments
0
Equity value
8,065
÷ 62.54 crore shares
₹129
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
134
145
158
174
194
10.5%
122
131
142
155
171
11.0%
112
120
129
140
152
11.5%
104
110
118
127
137
12.0%
96
102
108
116
125
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
