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Model Note · POWERICA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
POWERICA LIMITED Discounted cash flow · base FY26
POWERICA LIMITED
Value per share, this model₹204
CMP 2026-09-10₹568.75
Difference(64.1)%
Growth the CMP implies38.2%/yr
This note states the assumptions and the arithmetic of one model of POWERICA 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
12.5%
FY26 12.5% · 5-yr average 12.5%
Depreciation · capex, % of revenue
3.9% · 19.1%, fading to 1.2× depreciation
FY26 3.9% · 19.1%
Working capital, % of added revenue · tax
9.1% · 3.5%
33 working-capital days · effective 3.5%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹477 · ₹0 · ₹0 cr
FY26 net debt ₹477 cr
Shares
12.66 crore
12.66 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
3,012
3,252
3,513
3,794
4,097
4,425
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
376
407
439
474
512
553
Depreciation
(117)
(127)
(137)
(148)
(160)
(173)
NOPAT
250
270
292
315
340
367
less capex
(575)
(621)
(544)
(451)
(339)
(207)
less working-capital build
—
(22)
(24)
(26)
(28)
(30)
Free cash flow to firm
—
(246)
(139)
(14)
133
303
Present value
(234)
(119)
(11)
92
189
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 · POWERICA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(82)
PV of the terminal value (103% of EV)
3,146
Enterprise value
3,063
less net debt
(477)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,586
÷ 12.66 crore shares
₹204
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
214
239
268
305
350
10.5%
189
209
233
263
298
11.0%
167
184
204
228
257
11.5%
148
163
180
200
223
12.0%
132
144
159
176
195
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
