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Model Note · EPIGRAL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EPIGRAL LIMITED Discounted cash flow · base FY26
EPIGRAL LIMITED
Value per share, this model₹910
CMP 2026-09-10₹1,137.00
Difference(20.0)%
Growth the CMP implies5.6%/yr
This note states the assumptions and the arithmetic of one model of EPIGRAL 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
-1% a year
FY26 (0.9)% · 5-yr CAGR —%
EBITDA margin
22.4%
FY26 22.4% · 5-yr average 27.9%
Depreciation · capex, % of revenue
6.7% · 15.6%, fading to 1.2× depreciation
FY26 6.7% · 15.6%
Working capital, % of added revenue · tax
20% · 2.6%
73 working-capital days · effective 2.6%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹558 · ₹0 · ₹0 cr
FY26 net debt ₹558 cr
Shares
4.31 crore
4.31 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
2,527
2,502
2,477
2,452
2,428
2,403
growth %
(0.9)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
567
560
555
549
544
538
Depreciation
(168)
(168)
(166)
(164)
(163)
(161)
NOPAT
388
383
379
375
371
368
less capex
(394)
(390)
(340)
(290)
(241)
(193)
less working-capital build
—
5
5
5
5
5
Free cash flow to firm
—
165
210
254
298
340
Present value
157
180
196
207
213
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 · EPIGRAL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
952
PV of the terminal value (79% of EV)
3,533
Enterprise value
4,484
less net debt
(558)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,926
÷ 4.31 crore shares
₹910
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
945
1,027
1,125
1,244
1,394
10.5%
860
927
1,008
1,104
1,221
11.0%
786
844
910
989
1,083
11.5%
723
772
828
893
970
12.0%
668
709
757
812
877
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
