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Model Note · INDIAN ENERGY EXC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAN ENERGY EXC LTD Discounted cash flow · base FY26
INDIAN ENERGY EXC LTD
Value per share, this model₹110
CMP 2026-09-10₹113.88
Difference(3.4)%
Growth the CMP implies15.4%/yr
This note states the assumptions and the arithmetic of one model of INDIAN ENERGY EXC 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
14.5% a year
FY26 14.6% · 5-yr CAGR 14.1%
EBITDA margin
84.5%
FY26 84.5% · 5-yr average 84.5%
Depreciation · capex, % of revenue
3.8% · 2.4%, fading to 1.2× depreciation
FY26 3.8% · 2.4%
Working capital, % of added revenue · tax
0% · 24.4%
-2 working-capital days · effective 24.4%
Discount rate
11.00%
1-yr beta 1.15
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(37) · ₹0 · ₹0 cr
FY26 net debt ₹(37) cr
Shares
89.09 crore
89.09 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
616
705
807
924
1,058
1,212
growth %
14.6
14.5
14.5
14.5
14.5
14.5
EBITDA
520
596
682
781
894
1,024
Depreciation
(23)
(27)
(31)
(35)
(40)
(46)
NOPAT
376
430
492
564
646
739
less capex
(15)
(17)
(24)
(32)
(43)
(55)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
440
499
567
643
730
Present value
418
427
437
446
456
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 · INDIAN ENERGY EXC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,184
PV of the terminal value (78% of EV)
7,581
Enterprise value
9,765
less net debt
37
less non-controlling interest
0
add non-operating investments
0
Equity value
9,802
÷ 89.09 crore shares
₹110
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
114
122
132
145
160
10.5%
105
112
120
130
142
11.0%
97
103
110
118
128
11.5%
91
96
101
108
116
12.0%
85
89
94
100
107
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
