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 · ELPRO INTERNATIONAL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ELPRO INTERNATIONAL LTD Discounted cash flow · base FY26
ELPRO INTERNATIONAL LTD
Value per share, this model₹245
CMP 2026-09-10₹173.99
Difference40.6%
Growth the CMP implies23.3%/yr
This note states the assumptions and the arithmetic of one model of ELPRO INTERNATIONAL 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
30% a year
FY26 35.3% · 5-yr CAGR 52.9%
EBITDA margin
29.7%
FY26 29.7% · 5-yr average 35.4%
Depreciation · capex, % of revenue
2.9% · 23%, fading to 1.2× depreciation
FY26 2.9% · 23.0%
Working capital, % of added revenue · tax
0% · 13%
-4 working-capital days · effective 13.0%
Discount rate
11.00%
1-yr beta -0.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,149 · ₹0 · ₹0 cr
FY26 net debt ₹1,149 cr
Shares
16.95 crore
16.95 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
528
687
893
1,160
1,508
1,961
growth %
35.3
30.0
30.0
30.0
30.0
30.0
EBITDA
157
204
265
345
448
582
Depreciation
(15)
(20)
(26)
(34)
(44)
(57)
NOPAT
123
160
208
271
352
457
less capex
(122)
(158)
(162)
(154)
(126)
(68)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
22
72
151
269
446
Present value
21
62
116
187
279
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 · ELPRO INTERNATIONAL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
664
PV of the terminal value (87% of EV)
4,630
Enterprise value
5,295
less net debt
(1,149)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,146
÷ 16.95 crore shares
₹245
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
256
283
316
356
406
10.5%
228
250
277
309
348
11.0%
203
222
245
271
302
11.5%
182
199
217
239
265
12.0%
164
178
194
212
234
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
