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Model Note · PS IT INFRASTRUCTURE & SERVICE · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PS IT INFRASTRUCTURE & SERVICE Discounted cash flow · base FY26
PS IT INFRASTRUCTURE & SERVICE
Value per share, this model₹(16)
CMP 2026-09-10₹1.72
Difference(1011.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PS IT INFRASTRUCTURE & SERVICE, 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 (5.9)%
EBITDA margin
-14.9%
FY26 (14.9)% · 5-yr average (49.4)%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
346% · 25.17%
1263 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10 · ₹0 · ₹0 cr
FY26 net debt ₹10 cr
Shares
5.38 crore
5.38 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
10
11
12
13
14
15
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
(1)
(2)
(2)
(2)
(2)
(2)
Depreciation
0
0
0
0
0
0
NOPAT
(1)
(1)
(1)
(1)
(2)
(2)
less capex
0
0
0
0
0
0
less working-capital build
—
(3)
(3)
(3)
(4)
(4)
Free cash flow to firm
—
(4)
(4)
(5)
(5)
(5)
Present value
(4)
(4)
(4)
(3)
(3)
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 · PS IT INFRASTRUCTURE & SERVICE · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(18)
PV of the terminal value (—% of EV)
(56)
Enterprise value
(74)
less net debt
(10)
less non-controlling interest
0
add non-operating investments
0
Equity value
(84)
÷ 5.38 crore shares
₹(16)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(16)
(17)
(18)
(20)
(22)
10.5%
(15)
(16)
(17)
(18)
(20)
11.0%
(14)
(15)
(16)
(17)
(18)
11.5%
(13)
(14)
(15)
(15)
(16)
12.0%
(13)
(13)
(14)
(14)
(15)
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
