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Model Note · EPL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EPL LIMITED Discounted cash flow · base FY26
EPL LIMITED
Value per share, this model₹181
CMP 2026-09-10₹239.45
Difference(24.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EPL 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
13% a year
FY26 13.0% · 5-yr CAGR 9.0%
EBITDA margin
19.7%
FY26 19.7% · 5-yr average 17.7%
Depreciation · capex, % of revenue
8.1% · 10.1%, fading to 1.2× depreciation
FY26 8.1% · 10.1%
Working capital, % of added revenue · tax
21.6% · 18%
79 working-capital days · effective 18.0%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹512 · ₹0 · ₹0 cr
FY26 net debt ₹512 cr
Shares
32.05 crore
32.05 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
4,763
5,382
6,082
6,873
7,766
8,776
growth %
13.0
13.0
13.0
13.0
13.0
13.0
EBITDA
937
1,060
1,198
1,354
1,530
1,729
Depreciation
(385)
(436)
(493)
(557)
(629)
(711)
NOPAT
453
512
579
654
739
835
less capex
(482)
(544)
(609)
(681)
(762)
(853)
less working-capital build
—
(134)
(151)
(171)
(193)
(218)
Free cash flow to firm
—
271
312
359
413
475
Present value
257
266
276
286
297
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 · EPL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,382
PV of the terminal value (78% of EV)
4,928
Enterprise value
6,310
less net debt
(512)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,798
÷ 32.05 crore shares
₹181
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
188
203
221
244
272
10.5%
171
184
199
217
239
11.0%
158
168
181
196
213
11.5%
146
155
165
178
192
12.0%
135
143
152
163
175
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
