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Model Note · EMUDHRA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMUDHRA LIMITED Discounted cash flow · base FY26
EMUDHRA LIMITED
Value per share, this model₹323
CMP 2026-09-10₹492.95
Difference(34.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EMUDHRA 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
30% a year
FY26 35.1% · 5-yr CAGR —%
EBITDA margin
22.7%
FY26 22.7% · 5-yr average 29.6%
Depreciation · capex, % of revenue
4.9% · 26.4%, fading to 1.2× depreciation
FY26 4.9% · 26.4%
Working capital, % of added revenue · tax
19% · 16.2%
69 working-capital days · effective 16.2%
Discount rate
11.00%
1-yr beta 0.9
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(34) · ₹0 · ₹0 cr
FY26 net debt ₹(34) cr
Shares
8.28 crore
8.28 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
702
912
1,186
1,541
2,004
2,605
growth %
35.1
30.0
30.0
30.0
30.0
30.0
EBITDA
159
207
269
350
455
591
Depreciation
(34)
(45)
(58)
(76)
(98)
(128)
NOPAT
105
136
177
230
299
389
less capex
(185)
(241)
(252)
(249)
(221)
(153)
less working-capital build
—
(40)
(52)
(68)
(88)
(114)
Free cash flow to firm
—
(100)
(69)
(11)
89
249
Present value
(95)
(59)
(8)
61
156
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 · EMUDHRA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
55
PV of the terminal value (98% of EV)
2,584
Enterprise value
2,639
less net debt
34
less non-controlling interest
0
add non-operating investments
0
Equity value
2,673
÷ 8.28 crore shares
₹323
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
335
366
403
449
506
10.5%
303
329
359
396
441
11.0%
276
297
323
353
389
11.5%
252
271
292
317
346
12.0%
232
247
266
287
311
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
