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Model Note · ELECON ENG. CO. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ELECON ENG. CO. LTD Discounted cash flow · base FY26
ELECON ENG. CO. LTD
Value per share, this model₹202
CMP 2026-09-10₹423.00
Difference(52.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ELECON ENG. CO. LTD, 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
6% a year
FY26 6.2% · 5-yr CAGR 17.8%
EBITDA margin
21.2%
FY26 21.2% · 5-yr average 22.5%
Depreciation · capex, % of revenue
4.4% · 5.1%, fading to 1.2× depreciation
FY26 4.4% · 5.1%
Working capital, % of added revenue · tax
31% · 25%
113 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(169) · ₹0 · ₹0 cr
FY26 net debt ₹(169) cr
Shares
22.44 crore
22.44 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
2,366
2,508
2,658
2,818
2,987
3,166
growth %
6.2
6.0
6.0
6.0
6.0
6.0
EBITDA
502
532
564
597
633
671
Depreciation
(104)
(110)
(117)
(124)
(131)
(139)
NOPAT
298
316
335
355
376
399
less capex
(120)
(128)
(137)
(146)
(156)
(167)
less working-capital build
—
(44)
(47)
(49)
(52)
(56)
Free cash flow to firm
—
254
269
283
299
316
Present value
242
230
218
208
197
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 · ELECON ENG. CO. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,094
PV of the terminal value (75% of EV)
3,277
Enterprise value
4,371
less net debt
169
less non-controlling interest
0
add non-operating investments
0
Equity value
4,540
÷ 22.44 crore shares
₹202
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
209
223
241
262
289
10.5%
193
205
220
237
258
11.0%
180
190
202
216
233
11.5%
169
178
188
199
213
12.0%
159
166
175
185
196
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
