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Model Note · ENDURANCE TECHNO. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ENDURANCE TECHNO. LTD. Discounted cash flow · base FY26
ENDURANCE TECHNO. LTD.
Value per share, this model₹1,702
CMP 2026-09-10₹2,699.00
Difference(36.9)%
Growth the CMP implies41.7%/yr
This note states the assumptions and the arithmetic of one model of ENDURANCE TECHNO. 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
26.5% a year
FY26 26.3% · 5-yr CAGR 17.4%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average 12.8%
Depreciation · capex, % of revenue
5% · 8.9%, fading to 1.2× depreciation
FY26 5.0% · 8.9%
Working capital, % of added revenue · tax
4.4% · 25.5%
16 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹452 · ₹0 · ₹0 cr
FY26 net debt ₹452 cr
Shares
14.07 crore
14.07 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
14,596
18,464
23,357
29,546
37,376
47,281
growth %
26.3
26.5
26.5
26.5
26.5
26.5
EBITDA
1,945
2,456
3,106
3,930
4,971
6,288
Depreciation
(734)
(923)
(1,168)
(1,477)
(1,869)
(2,364)
NOPAT
902
1,142
1,444
1,827
2,311
2,924
less capex
(1,296)
(1,643)
(1,909)
(2,201)
(2,514)
(2,837)
less working-capital build
—
(170)
(215)
(272)
(345)
(436)
Free cash flow to firm
—
251
487
831
1,322
2,015
Present value
239
417
640
917
1,260
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 · ENDURANCE TECHNO. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,473
PV of the terminal value (86% of EV)
20,926
Enterprise value
24,399
less net debt
(452)
less non-controlling interest
0
add non-operating investments
0
Equity value
23,947
÷ 14.07 crore shares
₹1,702
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,764
1,912
2,090
2,307
2,579
10.5%
1,610
1,733
1,878
2,053
2,267
11.0%
1,478
1,582
1,702
1,845
2,017
11.5%
1,364
1,452
1,554
1,673
1,813
12.0%
1,264
1,340
1,427
1,527
1,644
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
