The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · INSOLATION ENERGY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INSOLATION ENERGY LIMITED Discounted cash flow · base FY26
INSOLATION ENERGY LIMITED
Value per share, this model₹141
CMP 2026-09-10₹92.90
Difference51.6%
Growth the CMP implies13.9%/yr
This note states the assumptions and the arithmetic of one model of INSOLATION ENERGY 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 60.9% · 5-yr CAGR —%
EBITDA margin
13.4%
FY26 13.4% · 5-yr average 13.4%
Depreciation · capex, % of revenue
1.7% · 20.9%, fading to 1.2× depreciation
FY26 1.7% · 20.9%
Working capital, % of added revenue · tax
17.2% · 18.2%
63 working-capital days · effective 18.2%
Discount rate
11.00%
1-yr beta 1.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹747 · ₹0 · ₹0 cr
FY26 net debt ₹747 cr
Shares
22.04 crore
22.04 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
2,146
2,790
3,627
4,715
6,129
7,968
growth %
60.9
30.0
30.0
30.0
30.0
30.0
EBITDA
287
374
486
632
821
1,068
Depreciation
(36)
(47)
(62)
(80)
(104)
(135)
NOPAT
206
267
347
451
587
763
less capex
(448)
(583)
(587)
(541)
(414)
(163)
less working-capital build
—
(111)
(144)
(187)
(243)
(316)
Free cash flow to firm
—
(379)
(322)
(197)
33
419
Present value
(360)
(276)
(151)
23
262
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 · INSOLATION ENERGY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(502)
PV of the terminal value (113% of EV)
4,354
Enterprise value
3,852
less net debt
(747)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,105
÷ 22.04 crore shares
₹141
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
148
168
191
220
256
10.5%
128
144
164
187
215
11.0%
111
125
141
160
183
11.5%
96
108
122
137
156
12.0%
84
94
105
118
134
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
