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Model Note · GENSOL ENGINEERING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GENSOL ENGINEERING LTD Discounted cash flow · base FY24
GENSOL ENGINEERING LTD
Value per share, this model₹(0)
CMP 2026-09-10₹17.25
Difference(101.9)%
Growth the CMP implies32.4%/yr
This note states the assumptions and the arithmetic of one model of GENSOL ENGINEERING LTD, built on its filed FY24 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
FY24 145.3% · 5-yr CAGR —%
EBITDA margin
23.6%
FY24 23.6% · 5-yr average 23.6%
Depreciation · capex, % of revenue
7.7% · 49.7%, fading to 1.2× depreciation
FY24 7.7% · 49.7%
Working capital, % of added revenue · tax
15.8% · 31.4%
58 working-capital days · effective 31.4%
Discount rate
11.00%
1-yr beta 0.27
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,178 · ₹0 · ₹0 cr
FY24 net debt ₹1,178 cr
Shares
3.80 crore
3.80 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
963
1,252
1,628
2,116
2,751
3,576
growth %
145.3
30.0
30.0
30.0
30.0
30.0
EBITDA
228
295
384
499
649
844
Depreciation
(74)
(96)
(125)
(163)
(212)
(275)
NOPAT
105
137
178
231
300
390
less capex
(478)
(622)
(644)
(624)
(532)
(330)
less working-capital build
—
(46)
(59)
(77)
(100)
(130)
Free cash flow to firm
—
(435)
(401)
(307)
(121)
205
Present value
(413)
(343)
(236)
(84)
128
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 · GENSOL ENGINEERING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(948)
PV of the terminal value (181% of EV)
2,125
Enterprise value
1,177
less net debt
(1,178)
less non-controlling interest
0
add non-operating investments
0
Equity value
(1)
÷ 3.80 crore shares
₹(0)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
18
73
140
222
324
10.5%
(38)
8
63
129
209
11.0%
(85)
(46)
(0)
53
118
11.5%
(125)
(92)
(54)
(9)
44
12.0%
(160)
(131)
(99)
(61)
(17)
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
