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Model Note · RAILTEL CORP OF IND LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAILTEL CORP OF IND LTD Discounted cash flow · base FY23
RAILTEL CORP OF IND LTD
Value per share, this model₹48
CMP 2026-09-10₹261.00
Difference(81.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RAILTEL CORP OF IND LTD, built on its filed FY23 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
27% a year
FY23 26.8% · 5-yr CAGR —%
EBITDA margin
19.2%
FY23 19.2% · 5-yr average 22.2%
Depreciation · capex, % of revenue
7.9% · 9%, fading to 1.2× depreciation
FY23 7.9% · 9.0%
Working capital, % of added revenue · tax
24.5% · 25.8%
89 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.76
After FY28
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(188) · ₹0 · ₹0 cr
FY23 net debt ₹(188) cr
Shares
32.09 crore
32.09 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY23
FY24
FY25
FY26
FY27
FY28
Revenue
1,964
2,494
3,167
4,022
5,108
6,487
growth %
26.8
27.0
27.0
27.0
27.0
27.0
EBITDA
376
479
608
772
981
1,246
Depreciation
(154)
(197)
(250)
(318)
(404)
(512)
NOPAT
165
209
266
337
428
544
less capex
(177)
(224)
(289)
(372)
(478)
(615)
less working-capital build
—
(130)
(165)
(209)
(266)
(338)
Free cash flow to firm
—
52
62
74
88
104
Present value
49
53
57
61
65
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 · RAILTEL CORP OF IND LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
285
PV of the terminal value (79% of EV)
1,075
Enterprise value
1,360
less net debt
188
less non-controlling interest
0
add non-operating investments
0
Equity value
1,548
÷ 32.09 crore shares
₹48
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
50
53
57
62
68
10.5%
46
49
52
56
61
11.0%
43
46
48
51
55
11.5%
41
43
45
48
51
12.0%
38
40
42
44
47
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
