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Model Note · ENGINEERS INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ENGINEERS INDIA LTD Discounted cash flow · base FY26
ENGINEERS INDIA LTD
Value per share, this model₹367
CMP 2026-09-10₹269.45
Difference36.3%
Growth the CMP implies18.8%/yr
This note states the assumptions and the arithmetic of one model of ENGINEERS INDIA 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
27% a year
FY26 27.2% · 5-yr CAGR 4.6%
EBITDA margin
17.7%
FY26 17.7% · 5-yr average 12.9%
Depreciation · capex, % of revenue
1.1% · 1.8%, fading to 1.2× depreciation
FY26 1.1% · 1.8%
Working capital, % of added revenue · tax
0% · 24%
-10 working-capital days · effective 24.0%
Discount rate
11.00%
1-yr beta 1.43
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(88) · ₹0 · ₹0 cr
FY26 net debt ₹(88) cr
Shares
56.20 crore
56.20 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
3,928
4,989
6,336
8,046
10,219
12,978
growth %
27.2
27.0
27.0
27.0
27.0
27.0
EBITDA
696
883
1,121
1,424
1,809
2,297
Depreciation
(42)
(55)
(70)
(89)
(112)
(143)
NOPAT
497
629
799
1,015
1,289
1,637
less capex
(69)
(90)
(106)
(126)
(147)
(171)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
594
763
978
1,254
1,609
Present value
564
652
754
871
1,006
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 · ENGINEERS INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,846
PV of the terminal value (81% of EV)
16,708
Enterprise value
20,554
less net debt
88
less non-controlling interest
0
add non-operating investments
0
Equity value
20,642
÷ 56.20 crore shares
₹367
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
380
409
445
488
543
10.5%
349
373
403
437
480
11.0%
322
343
367
396
430
11.5%
299
317
337
361
389
12.0%
279
295
312
332
355
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
