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Model Note · INDOSOLAR LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDOSOLAR LIMITED Discounted cash flow · base FY26
INDOSOLAR LIMITED
Value per share, this model₹2,177
CMP 2026-09-10₹251.50
Difference765.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of INDOSOLAR LIMITED, 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
30% a year
FY26 109.9% · 5-yr CAGR —%
EBITDA margin
39.8%
FY26 39.8% · 5-yr average 34.6%
Depreciation · capex, % of revenue
5.4% · 3.7%, fading to 1.2× depreciation
FY26 5.4% · 3.7%
Working capital, % of added revenue · tax
31% · -5.3%
113 working-capital days · effective (5.3)%
Discount rate
11.00%
1-yr beta 0.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
4.16 crore
4.16 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
680
884
1,149
1,494
1,942
2,524
growth %
109.9
30.0
30.0
30.0
30.0
30.0
EBITDA
271
352
457
594
773
1,005
Depreciation
(37)
(48)
(62)
(81)
(105)
(136)
NOPAT
246
320
416
541
703
914
less capex
(25)
(33)
(50)
(76)
(112)
(164)
less working-capital build
—
(63)
(82)
(107)
(139)
(181)
Free cash flow to firm
—
272
346
439
557
707
Present value
258
295
338
387
442
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 · INDOSOLAR LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,720
PV of the terminal value (81% of EV)
7,337
Enterprise value
9,057
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
9,058
÷ 4.16 crore shares
₹2,177
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,252
2,428
2,638
2,896
3,218
10.5%
2,068
2,214
2,387
2,594
2,847
11.0%
1,911
2,034
2,177
2,347
2,550
11.5%
1,775
1,880
2,000
2,141
2,308
12.0%
1,656
1,746
1,849
1,968
2,106
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
