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Model Note · PRIME FOCUS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRIME FOCUS LIMITED Discounted cash flow · base FY26
PRIME FOCUS LIMITED
Value per share, this model₹269
CMP 2026-09-10₹309.30
Difference(12.9)%
Growth the CMP implies33.4%/yr
This note states the assumptions and the arithmetic of one model of PRIME FOCUS 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 29.9% · 5-yr CAGR 13.0%
EBITDA margin
29.9%
FY26 29.9% · 5-yr average 17.0%
Depreciation · capex, % of revenue
14.1% · 11.4%, fading to 1.2× depreciation
FY26 14.1% · 11.4%
Working capital, % of added revenue · tax
2% · 9.8%
7 working-capital days · effective 9.8%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,252 · ₹0 · ₹0 cr
FY26 net debt ₹4,252 cr
Shares
77.65 crore
77.65 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
4,676
6,079
7,902
10,273
13,355
17,361
growth %
29.9
30.0
30.0
30.0
30.0
30.0
EBITDA
1,399
1,817
2,363
3,072
3,993
5,191
Depreciation
(658)
(857)
(1,114)
(1,448)
(1,883)
(2,448)
NOPAT
669
866
1,126
1,464
1,903
2,474
less capex
(532)
(693)
(1,010)
(1,455)
(2,075)
(2,937)
less working-capital build
—
(28)
(36)
(47)
(62)
(80)
Free cash flow to firm
—
1,002
1,194
1,410
1,649
1,905
Present value
951
1,021
1,087
1,145
1,191
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 · PRIME FOCUS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,394
PV of the terminal value (79% of EV)
19,779
Enterprise value
25,173
less net debt
(4,252)
less non-controlling interest
0
add non-operating investments
0
Equity value
20,921
÷ 77.65 crore shares
₹269
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
280
306
336
373
420
10.5%
254
275
300
330
366
11.0%
231
249
269
294
323
11.5%
211
226
244
264
288
12.0%
194
207
222
239
259
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
