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Model Note · LIKHITHA INFRASTRUC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LIKHITHA INFRASTRUC LTD Discounted cash flow · base FY26
LIKHITHA INFRASTRUC LTD
Value per share, this model₹157
CMP 2026-09-10₹217.00
Difference(27.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LIKHITHA INFRASTRUC 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
-5% a year
FY26 (12.2)% · 5-yr CAGR —%
EBITDA margin
12.4%
FY26 12.4% · 5-yr average 20.0%
Depreciation · capex, % of revenue
1.6% · 1.5%, fading to 1.2× depreciation
FY26 1.6% · 1.5%
Working capital, % of added revenue · tax
54.7% · 27%
200 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(70) · ₹0 · ₹0 cr
FY26 net debt ₹(70) cr
Shares
3.95 crore
3.95 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
457
434
412
392
372
353
growth %
(12.2)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
57
54
51
49
46
44
Depreciation
(7)
(7)
(7)
(6)
(6)
(6)
NOPAT
36
34
32
31
29
28
less capex
(7)
(7)
(7)
(7)
(7)
(7)
less working-capital build
—
12
12
11
11
10
Free cash flow to firm
—
47
44
42
39
37
Present value
45
38
32
27
23
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 · LIKHITHA INFRASTRUC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
165
PV of the terminal value (70% of EV)
383
Enterprise value
548
less net debt
70
less non-controlling interest
0
add non-operating investments
0
Equity value
618
÷ 3.95 crore shares
₹157
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
161
171
182
197
214
10.5%
151
159
168
180
194
11.0%
142
149
157
166
177
11.5%
134
140
147
155
164
12.0%
128
133
138
145
153
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
