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Model Note · EUREKA FORBES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EUREKA FORBES LIMITED Discounted cash flow · base FY26
EUREKA FORBES LIMITED
Value per share, this model₹122
CMP 2026-09-10₹394.95
Difference(69.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EUREKA FORBES 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
11% a year
FY26 11.2% · 5-yr CAGR —%
EBITDA margin
10.1%
FY26 10.1% · 5-yr average 7.9%
Depreciation · capex, % of revenue
2.6% · 3.2%, fading to 1.2× depreciation
FY26 2.6% · 3.2%
Working capital, % of added revenue · tax
14.1% · 25.8%
51 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(126) · ₹0 · ₹0 cr
FY26 net debt ₹(126) cr
Shares
19.35 crore
19.35 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
2,709
3,007
3,338
3,705
4,113
4,565
growth %
11.2
11.0
11.0
11.0
11.0
11.0
EBITDA
273
304
337
374
415
461
Depreciation
(69)
(78)
(87)
(96)
(107)
(119)
NOPAT
151
167
186
206
229
254
less capex
(88)
(96)
(106)
(117)
(129)
(142)
less working-capital build
—
(42)
(47)
(52)
(57)
(64)
Free cash flow to firm
—
107
120
134
149
167
Present value
102
102
103
104
104
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 · EUREKA FORBES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
515
PV of the terminal value (77% of EV)
1,729
Enterprise value
2,244
less net debt
126
less non-controlling interest
0
add non-operating investments
0
Equity value
2,370
÷ 19.35 crore shares
₹122
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
126
135
146
159
175
10.5%
117
124
133
144
156
11.0%
109
115
122
131
141
11.5%
102
107
113
121
129
12.0%
96
101
106
112
119
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
