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Model Note · ESAAR (INDIA) LTD. · 23 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ESAAR (INDIA) LTD. Discounted cash flow · base FY26
ESAAR (INDIA) LTD.
Value per share, this model₹329
CMP, 23 Oct 2026₹9.69
Difference3298.6%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of ESAAR (INDIA) LTD., built on its filed FY26 standalone 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
30% a year
FY26 175.6% · 5-yr CAGR 24.8%
EBITDA margin
60.1%
FY26 60.1% · 5-yr average 10.5%
Depreciation · capex, % of revenue
0.5% · 0%, fading to 1.2× depreciation
FY26 0.5% · 0.0%
Working capital, % of added revenue · tax
32.2% · 28.7%
117 working-capital days · effective 28.7%
Discount rate
11.00%
1-yr beta 0.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
2.04 crore
2.04 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
41
53
69
89
116
151
growth %
175.6
30.0
30.0
30.0
30.0
30.0
EBITDA
24
32
41
54
70
91
Depreciation
(0)
(0)
(0)
(0)
(1)
(1)
NOPAT
17
22
29
38
49
64
less capex
0
0
(0)
(0)
(1)
(1)
less working-capital build
—
(4)
(5)
(7)
(9)
(11)
Free cash flow to firm
—
19
24
32
41
53
Present value
18
21
24
28
33
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 · ESAAR (INDIA) LTD. · 23 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
124
PV of the terminal value (82% of EV)
549
Enterprise value
673
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
673
÷ 2.04 crore shares
₹329
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
341
367
400
439
488
10.5%
313
335
361
393
431
11.0%
289
307
329
355
386
11.5%
268
284
302
324
349
12.0%
250
264
279
297
318
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
