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Model Note · ELGI EQUIPMENTS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ELGI EQUIPMENTS LTD Discounted cash flow · base FY26
ELGI EQUIPMENTS LTD
Value per share, this model₹163
CMP 2026-09-10₹618.00
Difference(73.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ELGI EQUIPMENTS 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
12.5% a year
FY26 12.5% · 5-yr CAGR 15.5%
EBITDA margin
14.3%
FY26 14.3% · 5-yr average 14.7%
Depreciation · capex, % of revenue
2.2% · 3.9%, fading to 1.2× depreciation
FY26 2.2% · 3.9%
Working capital, % of added revenue · tax
24.7% · 25.8%
90 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.24
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹241 · ₹0 · ₹0 cr
FY26 net debt ₹241 cr
Shares
31.70 crore
31.70 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
3,951
4,445
5,000
5,625
6,328
7,119
growth %
12.5
12.5
12.5
12.5
12.5
12.5
EBITDA
564
636
715
804
905
1,018
Depreciation
(86)
(98)
(110)
(124)
(139)
(157)
NOPAT
355
399
449
505
568
639
less capex
(154)
(173)
(179)
(184)
(187)
(188)
less working-capital build
—
(122)
(137)
(154)
(174)
(195)
Free cash flow to firm
—
202
242
290
347
412
Present value
191
207
224
241
258
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 · ELGI EQUIPMENTS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,121
PV of the terminal value (79% of EV)
4,284
Enterprise value
5,405
less net debt
(241)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,164
÷ 31.70 crore shares
₹163
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
169
182
198
218
243
10.5%
155
166
179
195
214
11.0%
142
152
163
176
191
11.5%
132
140
149
160
173
12.0%
123
130
138
147
157
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
