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Model Note · PDS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PDS LIMITED Discounted cash flow · base FY26
PDS LIMITED
Value per share, this model₹199
CMP 2026-09-10₹347.10
Difference(42.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PDS 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
4% a year
FY26 4.2% · 5-yr CAGR 16.1%
EBITDA margin
2.9%
FY26 2.9% · 5-yr average 3.7%
Depreciation · capex, % of revenue
1% · 0.3%, fading to 1.2× depreciation
FY26 1.0% · 0.3%
Working capital, % of added revenue · tax
3.5% · 13.4%
13 working-capital days · effective 13.4%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹380 · ₹0 · ₹0 cr
FY26 net debt ₹380 cr
Shares
14.12 crore
14.12 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
13,110
13,634
14,180
14,747
15,337
15,950
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
385
395
411
428
445
463
Depreciation
(131)
(136)
(142)
(147)
(153)
(160)
NOPAT
220
224
233
243
252
262
less capex
(36)
(41)
(74)
(111)
(150)
(191)
less working-capital build
—
(18)
(19)
(20)
(21)
(21)
Free cash flow to firm
—
301
282
260
236
209
Present value
286
241
200
163
131
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 · PDS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,021
PV of the terminal value (68% of EV)
2,171
Enterprise value
3,192
less net debt
(380)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,812
÷ 14.12 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
206
221
240
262
290
10.5%
190
203
218
236
258
11.0%
176
187
199
214
232
11.5%
164
173
183
196
210
12.0%
153
161
170
180
192
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
