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Model Note · PELATRO LIMITED · 28 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PELATRO LIMITED Discounted cash flow · base FY26
PELATRO LIMITED
Value per share, this model₹395
CMP, 27 Oct 2026₹345.00
Difference14.5%
Growth the CMP implies23.8%/yr
This note states the assumptions and the arithmetic of one model of PELATRO 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 61.2% · 5-yr CAGR —%
EBITDA margin
17.6%
FY26 17.6% · 5-yr average 18.3%
Depreciation · capex, % of revenue
4.4% · 16%, fading to 1.2× depreciation
FY26 4.4% · 16.0%
Working capital, % of added revenue · tax
18.6% · 6.3%
68 working-capital days · effective 6.3%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
1.06 crore
1.06 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
138
180
234
304
395
513
growth %
61.2
30.0
30.0
30.0
30.0
30.0
EBITDA
24
32
41
53
69
90
Depreciation
(6)
(8)
(10)
(13)
(17)
(23)
NOPAT
17
22
29
38
49
63
less capex
(22)
(29)
(31)
(32)
(31)
(27)
less working-capital build
—
(8)
(10)
(13)
(17)
(22)
Free cash flow to firm
—
(6)
(2)
6
18
37
Present value
(6)
(2)
4
12
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 · PELATRO LIMITED · 28 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
32
PV of the terminal value (92% of EV)
384
Enterprise value
416
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
419
÷ 1.06 crore shares
₹395
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
410
446
489
542
608
10.5%
372
402
438
480
532
11.0%
340
366
395
430
472
11.5%
313
334
359
388
422
12.0%
289
307
328
353
381
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
