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Model Note · EXPLEO SOLUTIONS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EXPLEO SOLUTIONS LIMITED Discounted cash flow · base FY26
EXPLEO SOLUTIONS LIMITED
Value per share, this model₹1,287
CMP 2026-09-10₹891.00
Difference44.4%
Growth the CMP implies(10.8)%/yr
This note states the assumptions and the arithmetic of one model of EXPLEO SOLUTIONS 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
8% a year
FY26 8.1% · 5-yr CAGR 29.8%
EBITDA margin
14%
FY26 14.0% · 5-yr average 17.4%
Depreciation · capex, % of revenue
2.6% · 0.3%, fading to 1.2× depreciation
FY26 2.6% · 0.3%
Working capital, % of added revenue · tax
15.6% · 23.7%
57 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(354) · ₹0 · ₹0 cr
FY26 net debt ₹(354) cr
Shares
1.55 crore
1.55 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
1,108
1,197
1,292
1,396
1,507
1,628
growth %
8.1
8.0
8.0
8.0
8.0
8.0
EBITDA
155
168
181
195
211
228
Depreciation
(28)
(31)
(34)
(36)
(39)
(42)
NOPAT
97
104
112
121
131
142
less capex
(3)
(4)
(13)
(24)
(36)
(51)
less working-capital build
—
(14)
(15)
(16)
(17)
(19)
Free cash flow to firm
—
118
118
118
116
114
Present value
112
101
91
81
71
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 · EXPLEO SOLUTIONS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
456
PV of the terminal value (72% of EV)
1,187
Enterprise value
1,643
less net debt
354
less non-controlling interest
0
add non-operating investments
0
Equity value
1,997
÷ 1.55 crore shares
₹1,287
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,321
1,397
1,488
1,600
1,740
10.5%
1,240
1,304
1,378
1,468
1,578
11.0%
1,171
1,225
1,287
1,360
1,449
11.5%
1,111
1,157
1,209
1,270
1,343
12.0%
1,059
1,098
1,143
1,194
1,254
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
