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Model Note · FINE-LINE CIRCUITS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FINE-LINE CIRCUITS LTD. Discounted cash flow · base FY26
FINE-LINE CIRCUITS LTD.
Value per share, this model₹(42)
CMP 2026-09-10₹65.80
Difference(163.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FINE-LINE CIRCUITS 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
9% a year
FY26 9.2% · 5-yr CAGR 7.9%
EBITDA margin
3.5%
FY26 3.5% · 5-yr average 4.2%
Depreciation · capex, % of revenue
2.3% · 4.5%, fading to 1.2× depreciation
FY26 2.3% · 4.5%
Working capital, % of added revenue · tax
29.6% · -0.7%
108 working-capital days · effective (0.7)%
Discount rate
11.00%
1-yr beta 0.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7 · ₹0 · ₹0 cr
FY26 net debt ₹7 cr
Shares
0.48 crore
0.48 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
33
36
39
43
47
51
growth %
9.2
9.0
9.0
9.0
9.0
9.0
EBITDA
1
1
1
2
2
2
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
0
0
0
1
1
1
less capex
(2)
(2)
(2)
(2)
(1)
(1)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
(1)
(1)
(1)
(1)
(1)
Present value
(1)
(1)
(1)
(1)
(1)
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 · FINE-LINE CIRCUITS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(4)
PV of the terminal value (—% of EV)
(9)
Enterprise value
(13)
less net debt
(7)
less non-controlling interest
0
add non-operating investments
0
Equity value
(20)
÷ 0.48 crore shares
₹(42)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(43)
(45)
(47)
(50)
(53)
10.5%
(41)
(42)
(44)
(46)
(49)
11.0%
(39)
(40)
(42)
(44)
(46)
11.5%
(38)
(39)
(40)
(42)
(43)
12.0%
(36)
(37)
(38)
(40)
(41)
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
