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Model Note · ESPIRE HOSPITALITY LIMITED · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ESPIRE HOSPITALITY LIMITED Discounted cash flow · base FY26
ESPIRE HOSPITALITY LIMITED
Value per share, this model₹84
CMP, 28 Oct 2026₹141.05
Difference(40.2)%
Growth the CMP implies21.2%/yr
This note states the assumptions and the arithmetic of one model of ESPIRE HOSPITALITY LIMITED, 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
12.5% a year
FY26 12.3% · 5-yr CAGR (58.4)%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 11.9%
Depreciation · capex, % of revenue
8% · 0%, fading to 1.2× depreciation
FY26 8.0% · 0.0%
Working capital, % of added revenue · tax
0% · 29.8%
-10 working-capital days · effective 29.8%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹101 · ₹0 · ₹0 cr
FY26 net debt ₹101 cr
Shares
1.49 crore
1.49 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
134
151
170
191
215
242
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
25
28
32
36
40
45
Depreciation
(11)
(12)
(14)
(15)
(17)
(19)
NOPAT
10
11
13
14
16
18
less capex
0
0
(4)
(9)
(15)
(23)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
23
22
20
18
14
Present value
22
19
16
12
9
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 · ESPIRE HOSPITALITY LIMITED · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
78
PV of the terminal value (65% of EV)
149
Enterprise value
227
less net debt
(101)
less non-controlling interest
0
add non-operating investments
0
Equity value
126
÷ 1.49 crore shares
₹84
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
89
99
111
125
144
10.5%
78
87
96
108
122
11.0%
69
76
84
94
105
11.5%
61
67
74
82
92
12.0%
55
60
65
72
80
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
