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Model Note · PITTI ENGINEERING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PITTI ENGINEERING LIMITED Discounted cash flow · base FY26
PITTI ENGINEERING LIMITED
Value per share, this model₹358
CMP 2026-09-10₹1,164.00
Difference(69.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PITTI ENGINEERING 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
12% a year
FY26 12.2% · 5-yr CAGR 29.8%
EBITDA margin
16.5%
FY26 16.5% · 5-yr average 15.0%
Depreciation · capex, % of revenue
5.5% · 10%, fading to 1.2× depreciation
FY26 5.5% · 10.0%
Working capital, % of added revenue · tax
18.7% · 29.7%
68 working-capital days · effective 29.7%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹579 · ₹0 · ₹0 cr
FY26 net debt ₹579 cr
Shares
3.77 crore
3.77 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
1,913
2,142
2,399
2,687
3,010
3,371
growth %
12.2
12.0
12.0
12.0
12.0
12.0
EBITDA
316
353
396
443
497
556
Depreciation
(105)
(118)
(132)
(148)
(166)
(185)
NOPAT
148
166
186
208
233
261
less capex
(191)
(214)
(220)
(223)
(224)
(222)
less working-capital build
—
(43)
(48)
(54)
(60)
(68)
Free cash flow to firm
—
26
50
79
114
156
Present value
25
43
61
79
98
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 · PITTI ENGINEERING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
305
PV of the terminal value (84% of EV)
1,621
Enterprise value
1,926
less net debt
(579)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,347
÷ 3.77 crore shares
₹358
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
375
418
470
533
611
10.5%
331
366
409
459
521
11.0%
293
323
358
399
449
11.5%
259
285
314
349
389
12.0%
231
253
278
307
340
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
