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Model Note · EMPIRE INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMPIRE INDUSTRIES LTD. Discounted cash flow · base FY26
EMPIRE INDUSTRIES LTD.
Value per share, this model₹1,256
CMP 2026-09-10₹1,057.00
Difference18.9%
Growth the CMP implies(17.5)%/yr
This note states the assumptions and the arithmetic of one model of EMPIRE INDUSTRIES 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% a year
FY26 8.0% · 5-yr CAGR 8.3%
EBITDA margin
11.8%
FY26 11.8% · 5-yr average 11.0%
Depreciation · capex, % of revenue
2.2% · 1.9%, fading to 1.2× depreciation
FY26 2.2% · 1.9%
Working capital, % of added revenue · tax
32.4% · 14.3%
118 working-capital days · effective 14.3%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹52 · ₹0 · ₹0 cr
FY26 net debt ₹52 cr
Shares
0.60 crore
0.60 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
731
790
853
921
995
1,074
growth %
8.0
8.0
8.0
8.0
8.0
8.0
EBITDA
86
93
101
109
117
127
Depreciation
(16)
(17)
(19)
(20)
(22)
(24)
NOPAT
60
65
70
76
82
88
less capex
(14)
(15)
(18)
(21)
(24)
(28)
less working-capital build
—
(19)
(20)
(22)
(24)
(26)
Free cash flow to firm
—
48
51
53
55
58
Present value
46
43
41
38
36
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 · EMPIRE INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
205
PV of the terminal value (75% of EV)
601
Enterprise value
806
less net debt
(52)
less non-controlling interest
0
add non-operating investments
0
Equity value
754
÷ 0.60 crore shares
₹1,256
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,300
1,400
1,520
1,666
1,849
10.5%
1,195
1,278
1,376
1,494
1,638
11.0%
1,105
1,175
1,256
1,353
1,468
11.5%
1,027
1,087
1,155
1,235
1,330
12.0%
959
1,010
1,068
1,136
1,214
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
