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Model Note · FLUIDOMAT LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FLUIDOMAT LTD. Discounted cash flow · base FY23
FLUIDOMAT LTD.
Value per share, this model₹472
CMP 2026-09-10₹762.90
Difference(38.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FLUIDOMAT LTD., built on its filed FY23 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
30% a year
FY23 35.5% · 5-yr CAGR —%
EBITDA margin
26.7%
FY23 26.7% · 5-yr average 18.8%
Depreciation · capex, % of revenue
1.6% · 0.7%, fading to 1.2× depreciation
FY23 1.6% · 0.7%
Working capital, % of added revenue · tax
34.4% · 25.3%
126 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.76
After FY28
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY23 net debt ₹(2) cr
Shares
0.49 crore
0.49 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY23
FY24
FY25
FY26
FY27
FY28
Revenue
46
60
78
101
132
171
growth %
35.5
30.0
30.0
30.0
30.0
30.0
EBITDA
12
16
21
27
35
46
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
9
11
15
19
25
32
less capex
(0)
(0)
(1)
(1)
(2)
(3)
less working-capital build
—
(5)
(6)
(8)
(10)
(14)
Free cash flow to firm
—
7
9
11
14
18
Present value
7
8
9
10
11
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 · FLUIDOMAT LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
44
PV of the terminal value (81% of EV)
187
Enterprise value
231
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
233
÷ 0.49 crore shares
₹472
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
489
526
572
627
696
10.5%
449
480
518
562
616
11.0%
415
442
472
509
553
11.5%
386
409
434
465
501
12.0%
361
380
402
427
457
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
