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Model Note · EMS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMS LIMITED Discounted cash flow · base FY26
EMS LIMITED
Value per share, this model₹202
CMP 2026-09-10₹382.60
Difference(47.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EMS 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
-5% a year
FY26 (24.1)% · 5-yr CAGR —%
EBITDA margin
19.2%
FY26 19.2% · 5-yr average 23.6%
Depreciation · capex, % of revenue
1.4% · 9.9%, fading to 1.2× depreciation
FY26 1.4% · 9.9%
Working capital, % of added revenue · tax
79.2% · 29.4%
289 working-capital days · effective 29.4%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹137 · ₹0 · ₹0 cr
FY26 net debt ₹137 cr
Shares
5.55 crore
5.55 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
733
696
661
628
597
567
growth %
(24.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
140
134
127
121
115
109
Depreciation
(10)
(10)
(9)
(9)
(8)
(8)
NOPAT
92
87
83
79
75
71
less capex
(73)
(69)
(52)
(36)
(22)
(10)
less working-capital build
—
29
28
26
25
24
Free cash flow to firm
—
57
68
78
86
93
Present value
54
58
60
60
58
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 · EMS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
290
PV of the terminal value (77% of EV)
969
Enterprise value
1,259
less net debt
(137)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,122
÷ 5.55 crore shares
₹202
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
210
227
248
273
305
10.5%
191
206
223
243
268
11.0%
176
188
202
219
239
11.5%
162
173
185
198
215
12.0%
150
159
169
181
195
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
