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Model Note · L&T TECHNOLOGY SER. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
L&T TECHNOLOGY SER. LTD. Discounted cash flow · base FY26
L&T TECHNOLOGY SER. LTD.
Value per share, this model₹1,762
CMP 2026-09-10₹3,350.00
Difference(47.4)%
Growth the CMP implies25.5%/yr
This note states the assumptions and the arithmetic of one model of L&T TECHNOLOGY SER. 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
3% a year
FY26 3.1% · 5-yr CAGR 15.1%
EBITDA margin
16.9%
FY26 16.9% · 5-yr average 19.5%
Depreciation · capex, % of revenue
3.1% · 1.7%, fading to 1.2× depreciation
FY26 3.1% · 1.7%
Working capital, % of added revenue · tax
9.9% · 26.5%
36 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,650) · ₹0 · ₹0 cr
FY26 net debt ₹(1,650) cr
Shares
10.60 crore
10.60 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
10,996
11,326
11,666
12,016
12,376
12,747
growth %
3.1
3.0
3.0
3.0
3.0
3.0
EBITDA
1,863
1,914
1,971
2,031
2,092
2,154
Depreciation
(345)
(351)
(362)
(372)
(384)
(395)
NOPAT
1,115
1,149
1,183
1,219
1,255
1,293
less capex
(185)
(193)
(257)
(326)
(398)
(474)
less working-capital build
—
(33)
(34)
(35)
(36)
(37)
Free cash flow to firm
—
1,275
1,254
1,231
1,205
1,177
Present value
1,210
1,072
948
837
736
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 · L&T TECHNOLOGY SER. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,803
PV of the terminal value (72% of EV)
12,225
Enterprise value
17,028
less net debt
1,650
less non-controlling interest
0
add non-operating investments
0
Equity value
18,678
÷ 10.60 crore shares
₹1,762
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,813
1,928
2,066
2,235
2,445
10.5%
1,692
1,787
1,900
2,036
2,201
11.0%
1,588
1,668
1,762
1,873
2,006
11.5%
1,498
1,566
1,645
1,737
1,846
12.0%
1,419
1,478
1,545
1,623
1,713
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
