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Model Note · PERSISTENT SYSTEMS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PERSISTENT SYSTEMS LTD Discounted cash flow · base FY26
PERSISTENT SYSTEMS LTD
Value per share, this model₹3,215
CMP 2026-09-10₹5,516.00
Difference(41.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PERSISTENT SYSTEMS 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
23.5% a year
FY26 23.5% · 5-yr CAGR 28.6%
EBITDA margin
18.4%
FY26 18.4% · 5-yr average 17.5%
Depreciation · capex, % of revenue
2.7% · 0.1%, fading to 1.2× depreciation
FY26 2.7% · 0.1%
Working capital, % of added revenue · tax
14.9% · 22.6%
55 working-capital days · effective 22.6%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,075) · ₹0 · ₹0 cr
FY26 net debt ₹(1,075) cr
Shares
15.78 crore
15.78 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
14,748
18,214
22,495
27,781
34,309
42,372
growth %
23.5
23.5
23.5
23.5
23.5
23.5
EBITDA
2,706
3,351
4,139
5,112
6,313
7,796
Depreciation
(403)
(492)
(607)
(750)
(926)
(1,144)
NOPAT
1,783
2,213
2,734
3,376
4,169
5,149
less capex
(13)
(18)
(199)
(464)
(842)
(1,373)
less working-capital build
—
(516)
(638)
(788)
(973)
(1,201)
Free cash flow to firm
—
2,171
2,504
2,874
3,281
3,719
Present value
2,060
2,141
2,214
2,277
2,325
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 · PERSISTENT SYSTEMS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,018
PV of the terminal value (78% of EV)
38,622
Enterprise value
49,639
less net debt
1,075
less non-controlling interest
0
add non-operating investments
0
Equity value
50,714
÷ 15.78 crore shares
₹3,215
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,320
3,564
3,857
4,215
4,662
10.5%
3,064
3,267
3,507
3,794
4,145
11.0%
2,845
3,016
3,215
3,450
3,732
11.5%
2,655
2,801
2,968
3,164
3,395
12.0%
2,490
2,615
2,757
2,922
3,114
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
