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Model Note · EMAMI LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMAMI LIMITED Discounted cash flow · base FY26
EMAMI LIMITED
Value per share, this model₹222
CMP 2026-09-10₹364.10
Difference(39.1)%
Growth the CMP implies12.1%/yr
This note states the assumptions and the arithmetic of one model of EMAMI 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
-1% a year
FY26 (0.8)% · 5-yr CAGR 5.6%
EBITDA margin
25.2%
FY26 25.2% · 5-yr average 26.6%
Depreciation · capex, % of revenue
4.7% · 1%, fading to 1.2× depreciation
FY26 4.7% · 1.0%
Working capital, % of added revenue · tax
7% · 8.3%
26 working-capital days · effective 8.3%
Discount rate
11.00%
1-yr beta 0.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(54) · ₹0 · ₹0 cr
FY26 net debt ₹(54) cr
Shares
43.65 crore
43.65 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
3,780
3,742
3,704
3,667
3,631
3,594
growth %
(0.8)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
953
943
933
924
915
906
Depreciation
(177)
(176)
(174)
(172)
(171)
(169)
NOPAT
712
703
696
689
682
676
less capex
(38)
(37)
(80)
(122)
(163)
(203)
less working-capital build
—
3
3
3
3
3
Free cash flow to firm
—
844
793
743
693
644
Present value
802
678
572
481
403
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 · EMAMI LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,936
PV of the terminal value (70% of EV)
6,693
Enterprise value
9,628
less net debt
54
less non-controlling interest
0
add non-operating investments
0
Equity value
9,682
÷ 43.65 crore shares
₹222
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
229
244
262
285
313
10.5%
213
225
240
258
280
11.0%
199
209
222
237
254
11.5%
187
196
206
218
233
12.0%
176
184
193
203
215
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
