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Model Note · FIRSTSOURCE SOLU. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FIRSTSOURCE SOLU. LTD. Discounted cash flow · base FY26
FIRSTSOURCE SOLU. LTD.
Value per share, this model₹213
CMP 2026-09-10₹248.35
Difference(14.4)%
Growth the CMP implies28.9%/yr
This note states the assumptions and the arithmetic of one model of FIRSTSOURCE SOLU. 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
19.5% a year
FY26 19.7% · 5-yr CAGR 13.5%
EBITDA margin
15.3%
FY26 15.3% · 5-yr average 15.1%
Depreciation · capex, % of revenue
4.5% · 2%, fading to 1.2× depreciation
FY26 4.5% · 2.0%
Working capital, % of added revenue · tax
15.9% · 20.6%
58 working-capital days · effective 20.6%
Discount rate
11.00%
1-yr beta 1.32
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,679 · ₹0 · ₹0 cr
FY26 net debt ₹1,679 cr
Shares
69.70 crore
69.70 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
9,556
11,420
13,647
16,308
19,488
23,288
growth %
19.7
19.5
19.5
19.5
19.5
19.5
EBITDA
1,458
1,747
2,088
2,495
2,982
3,563
Depreciation
(434)
(514)
(614)
(734)
(877)
(1,048)
NOPAT
813
979
1,170
1,398
1,671
1,997
less capex
(196)
(228)
(389)
(603)
(887)
(1,258)
less working-capital build
—
(296)
(354)
(423)
(506)
(604)
Free cash flow to firm
—
968
1,041
1,106
1,156
1,183
Present value
919
890
852
802
740
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 · FIRSTSOURCE SOLU. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,203
PV of the terminal value (75% of EV)
12,288
Enterprise value
16,491
less net debt
(1,679)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,812
÷ 69.70 crore shares
₹213
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
220
238
259
285
317
10.5%
202
216
234
254
280
11.0%
186
198
213
229
250
11.5%
172
183
195
209
225
12.0%
160
169
179
191
205
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
