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Model Note · EMMVEE PHOTOVOLTAIC PWR L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMMVEE PHOTOVOLTAIC PWR L Discounted cash flow · base FY26
EMMVEE PHOTOVOLTAIC PWR L
Value per share, this model₹277
CMP 2026-09-10₹344.80
Difference(19.6)%
Growth the CMP implies15.8%/yr
This note states the assumptions and the arithmetic of one model of EMMVEE PHOTOVOLTAIC PWR L, 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% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
34.3%
FY26 34.3% · 5-yr average 34.3%
Depreciation · capex, % of revenue
5.9% · 12.9%, fading to 1.2× depreciation
FY26 5.9% · 12.9%
Working capital, % of added revenue · tax
30.2% · 19.1%
110 working-capital days · effective 19.1%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(65) · ₹0 · ₹0 cr
FY26 net debt ₹(65) cr
Shares
69.23 crore
69.23 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
5,050
5,454
5,890
6,361
6,870
7,420
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
1,734
1,871
2,020
2,182
2,357
2,545
Depreciation
(296)
(322)
(348)
(375)
(405)
(438)
NOPAT
1,164
1,253
1,353
1,462
1,578
1,705
less capex
(653)
(704)
(674)
(636)
(586)
(525)
less working-capital build
—
(122)
(132)
(142)
(154)
(166)
Free cash flow to firm
—
749
895
1,059
1,244
1,451
Present value
711
765
816
863
907
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 · EMMVEE PHOTOVOLTAIC PWR L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,063
PV of the terminal value (79% of EV)
15,072
Enterprise value
19,134
less net debt
65
less non-controlling interest
0
add non-operating investments
0
Equity value
19,199
÷ 69.23 crore shares
₹277
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
287
308
334
366
406
10.5%
264
282
303
329
360
11.0%
244
260
277
298
323
11.5%
228
241
255
273
293
12.0%
213
224
237
251
268
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
