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Model Note · PNC INFRATECH LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PNC INFRATECH LTD. Discounted cash flow · base FY26
PNC INFRATECH LTD.
Value per share, this model₹365
CMP 2026-09-10₹175.25
Difference108.3%
Growth the CMP implies(18.2)%/yr
This note states the assumptions and the arithmetic of one model of PNC INFRATECH 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 (20.7)% · 5-yr CAGR (1.5)%
EBITDA margin
30.3%
FY26 30.3% · 5-yr average 25.1%
Depreciation · capex, % of revenue
2.3% · 6.1%, fading to 1.2× depreciation
FY26 2.3% · 6.1%
Working capital, % of added revenue · tax
27.6% · 22%
101 working-capital days · effective 22.0%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,280 · ₹0 · ₹0 cr
FY26 net debt ₹4,280 cr
Shares
25.65 crore
25.65 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
5,368
5,100
4,845
4,602
4,372
4,154
growth %
(20.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1,629
1,545
1,468
1,395
1,325
1,259
Depreciation
(122)
(117)
(111)
(106)
(101)
(96)
NOPAT
1,175
1,114
1,058
1,005
955
907
less capex
(326)
(311)
(255)
(204)
(157)
(115)
less working-capital build
—
74
70
67
64
60
Free cash flow to firm
—
994
985
974
962
948
Present value
944
842
750
668
593
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 · PNC INFRATECH LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,796
PV of the terminal value (72% of EV)
9,850
Enterprise value
13,646
less net debt
(4,280)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,366
÷ 25.65 crore shares
₹365
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
382
420
466
522
593
10.5%
342
374
411
456
511
11.0%
307
334
365
402
446
11.5%
277
300
326
357
393
12.0%
251
270
293
319
349
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
