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Model Note · RAGHAV PRODUCTIVITY ENH L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAGHAV PRODUCTIVITY ENH L Discounted cash flow · base FY26
RAGHAV PRODUCTIVITY ENH L
Value per share, this model₹305
CMP 2026-09-10₹1,840.00
Difference(83.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RAGHAV PRODUCTIVITY ENH L, 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
29% a year
FY26 28.8% · 5-yr CAGR 31.8%
EBITDA margin
29.3%
FY26 29.3% · 5-yr average 27.4%
Depreciation · capex, % of revenue
2.7% · 5.4%, fading to 1.2× depreciation
FY26 2.7% · 5.4%
Working capital, % of added revenue · tax
36.8% · 21.3%
134 working-capital days · effective 21.3%
Discount rate
11.00%
1-yr beta 1.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
4.59 crore
4.59 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
257
332
428
552
712
918
growth %
28.8
29.0
29.0
29.0
29.0
29.0
EBITDA
75
97
125
162
209
269
Depreciation
(7)
(9)
(12)
(15)
(19)
(25)
NOPAT
54
69
90
116
149
192
less capex
(14)
(18)
(21)
(24)
(27)
(30)
less working-capital build
—
(27)
(35)
(46)
(59)
(76)
Free cash flow to firm
—
33
45
61
82
111
Present value
31
38
47
57
70
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 · RAGHAV PRODUCTIVITY ENH L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
244
PV of the terminal value (83% of EV)
1,156
Enterprise value
1,400
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
1,402
÷ 4.59 crore shares
₹305
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
316
341
371
408
454
10.5%
290
310
335
365
401
11.0%
267
285
305
329
358
11.5%
248
263
280
300
324
12.0%
231
244
258
275
295
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
