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Model Note · ESAB INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ESAB INDIA LTD Discounted cash flow · base FY26
ESAB INDIA LTD
Value per share, this model₹2,619
CMP 2026-09-10₹5,914.00
Difference(55.7)%
Growth the CMP implies37.2%/yr
This note states the assumptions and the arithmetic of one model of ESAB 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
10% a year
FY26 9.8% · 5-yr CAGR 17.2%
EBITDA margin
19%
FY26 19.0% · 5-yr average 17.1%
Depreciation · capex, % of revenue
1.1% · 2.1%, fading to 1.2× depreciation
FY26 1.1% · 2.1%
Working capital, % of added revenue · tax
12.4% · 24.6%
45 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(57) · ₹0 · ₹0 cr
FY26 net debt ₹(57) cr
Shares
1.54 crore
1.54 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
1,508
1,659
1,825
2,007
2,208
2,429
growth %
9.8
10.0
10.0
10.0
10.0
10.0
EBITDA
287
315
347
381
420
461
Depreciation
(17)
(18)
(20)
(22)
(24)
(27)
NOPAT
204
224
246
271
298
328
less capex
(32)
(35)
(35)
(34)
(33)
(32)
less working-capital build
—
(19)
(21)
(23)
(25)
(27)
Free cash flow to firm
—
189
211
236
264
295
Present value
179
180
182
183
185
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 · ESAB INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
909
PV of the terminal value (77% of EV)
3,065
Enterprise value
3,974
less net debt
57
less non-controlling interest
0
add non-operating investments
0
Equity value
4,031
÷ 1.54 crore shares
₹2,619
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,705
2,904
3,142
3,433
3,797
10.5%
2,497
2,662
2,857
3,090
3,376
11.0%
2,318
2,457
2,619
2,811
3,040
11.5%
2,164
2,282
2,419
2,578
2,766
12.0%
2,029
2,131
2,247
2,381
2,537
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
