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Model Note · RAJESH POWER SERVICES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAJESH POWER SERVICES LIMITED Discounted cash flow · base FY26
RAJESH POWER SERVICES LIMITED
Value per share, this model₹2,755
CMP 2026-09-10₹793.60
Difference247.2%
Growth the CMP implies(7.5)%/yr
This note states the assumptions and the arithmetic of one model of RAJESH POWER SERVICES 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 47.0% · 5-yr CAGR —%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 12.1%
Depreciation · capex, % of revenue
0.1% · 0.1%, fading to 1.2× depreciation
FY26 0.1% · 0.1%
Working capital, % of added revenue · tax
8.9% · 27.6%
33 working-capital days · effective 27.6%
Discount rate
11.00%
1-yr beta 1.57
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹126 · ₹0 · ₹0 cr
FY26 net debt ₹126 cr
Shares
1.80 crore
1.80 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
1,628
2,116
2,751
3,577
4,650
6,044
growth %
47.0
30.0
30.0
30.0
30.0
30.0
EBITDA
197
256
333
433
563
731
Depreciation
(1)
(2)
(3)
(4)
(5)
(6)
NOPAT
141
184
239
311
404
525
less capex
(2)
(2)
(3)
(4)
(5)
(7)
less working-capital build
—
(43)
(57)
(73)
(95)
(124)
Free cash flow to firm
—
140
182
237
308
400
Present value
133
156
183
214
250
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 · RAJESH POWER SERVICES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
935
PV of the terminal value (82% of EV)
4,152
Enterprise value
5,087
less net debt
(126)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,961
÷ 1.80 crore shares
₹2,755
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,852
3,082
3,358
3,695
4,116
10.5%
2,612
2,803
3,029
3,300
3,631
11.0%
2,407
2,568
2,755
2,977
3,243
11.5%
2,229
2,366
2,524
2,708
2,926
12.0%
2,074
2,192
2,326
2,481
2,662
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
