This note states the assumptions and the arithmetic of one model of FOCUS LIGHTG & FIXTRS 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
2.5% a year
FY26 2.4% · 5-yr CAGR —%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 14.4%
Depreciation · capex, % of revenue
5.2% · 10.4%, fading to 1.2× depreciation
FY26 5.2% · 10.4%
Working capital, % of added revenue · tax
44.1% · 33.1%
161 working-capital days · effective 33.1%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10 · ₹0 · ₹0 cr
FY26 net debt ₹10 cr
Shares
6.74 crore
6.74 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
188
192
197
202
207
212
growth %
2.4
2.5
2.5
2.5
2.5
2.5
EBITDA
16
16
17
17
17
18
Depreciation
(10)
(10)
(10)
(11)
(11)
(11)
NOPAT
4
4
4
4
4
5
less capex
(19)
(20)
(18)
(17)
(15)
(13)
less working-capital build
—
(2)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
(8)
(6)
(4)
(2)
0
Present value
(8)
(5)
(3)
(1)
0
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 · FOCUS LIGHTG & FIXTRS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(17)
PV of the terminal value (—% of EV)
1
Enterprise value
(17)
less net debt
(10)
less non-controlling interest
0
add non-operating investments
0
Equity value
(27)
÷ 6.74 crore shares
₹(4)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(4)
(4)
(4)
(4)
(4)
10.5%
(4)
(4)
(4)
(4)
(4)
11.0%
(4)
(4)
(4)
(4)
(4)
11.5%
(4)
(4)
(4)
(4)
(4)
12.0%
(4)
(4)
(4)
(4)
(4)
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
