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Model Note · ENVIRO INFRA ENGINEERS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ENVIRO INFRA ENGINEERS L Discounted cash flow · base FY26
ENVIRO INFRA ENGINEERS L
Value per share, this model₹158
CMP 2026-09-10₹207.77
Difference(24.1)%
Growth the CMP implies13.2%/yr
This note states the assumptions and the arithmetic of one model of ENVIRO INFRA ENGINEERS L, 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
7.5% a year
FY26 7.5% · 5-yr CAGR —%
EBITDA margin
23.4%
FY26 23.4% · 5-yr average 24.3%
Depreciation · capex, % of revenue
2.2% · 15.9%, fading to 1.2× depreciation
FY26 2.2% · 15.9%
Working capital, % of added revenue · tax
0% · 24.5%
-13 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹370 · ₹0 · ₹0 cr
FY26 net debt ₹370 cr
Shares
17.55 crore
17.55 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
1,146
1,232
1,324
1,423
1,530
1,645
growth %
7.5
7.5
7.5
7.5
7.5
7.5
EBITDA
268
288
310
333
358
385
Depreciation
(25)
(27)
(29)
(31)
(34)
(36)
NOPAT
184
197
212
228
245
263
less capex
(182)
(196)
(167)
(132)
(91)
(43)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
28
74
127
187
256
Present value
27
64
98
130
160
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 · ENVIRO INFRA ENGINEERS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
479
PV of the terminal value (85% of EV)
2,659
Enterprise value
3,137
less net debt
(370)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,767
÷ 17.55 crore shares
₹158
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
164
179
197
219
247
10.5%
148
161
176
193
215
11.0%
135
145
158
172
190
11.5%
123
132
143
155
169
12.0%
113
121
130
140
152
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
