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Model Note · ELNET TECHNOLOGIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ELNET TECHNOLOGIES LTD. Discounted cash flow · base FY26
ELNET TECHNOLOGIES LTD.
Value per share, this model₹604
CMP 2026-09-10₹308.85
Difference95.5%
Growth the CMP implies(7.4)%/yr
This note states the assumptions and the arithmetic of one model of ELNET TECHNOLOGIES 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
8.5% a year
FY26 8.3% · 5-yr CAGR 3.2%
EBITDA margin
66.5%
FY26 66.5% · 5-yr average 66.6%
Depreciation · capex, % of revenue
6.2% · 8.4%, fading to 1.2× depreciation
FY26 6.2% · 8.4%
Working capital, % of added revenue · tax
1.4% · 21.3%
5 working-capital days · effective 21.3%
Discount rate
11.00%
1-yr beta 0.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
0.40 crore
0.40 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
25
27
29
32
35
38
growth %
8.3
8.5
8.5
8.5
8.5
8.5
EBITDA
17
18
20
21
23
25
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
12
13
14
15
16
18
less capex
(2)
(2)
(2)
(3)
(3)
(3)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
12
13
15
16
17
Present value
12
11
11
11
11
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 · ELNET TECHNOLOGIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
56
PV of the terminal value (76% of EV)
180
Enterprise value
236
less net debt
6
less non-controlling interest
0
add non-operating investments
0
Equity value
242
÷ 0.40 crore shares
₹604
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
623
668
722
787
869
10.5%
576
614
658
710
775
11.0%
536
567
604
647
699
11.5%
501
528
559
595
637
12.0%
471
494
520
550
585
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
