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Model Note · RAMCO SYSTEMS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAMCO SYSTEMS LTD. Discounted cash flow · base FY26
RAMCO SYSTEMS LTD.
Value per share, this model₹231
CMP 2026-09-10₹595.25
Difference(61.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RAMCO SYSTEMS LTD., 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
18.5% a year
FY26 18.5% · 5-yr CAGR 2.3%
EBITDA margin
19.5%
FY26 19.5% · 5-yr average (5.0)%
Depreciation · capex, % of revenue
13% · 0%, fading to 1.2× depreciation
FY26 13.0% · 0.0%
Working capital, % of added revenue · tax
6.7% · 14.1%
25 working-capital days · effective 14.1%
Discount rate
11.00%
1-yr beta 1.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(123) · ₹0 · ₹0 cr
FY26 net debt ₹(123) cr
Shares
3.76 crore
3.76 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
701
831
984
1,166
1,382
1,638
growth %
18.5
18.5
18.5
18.5
18.5
18.5
EBITDA
137
162
192
227
270
319
Depreciation
(91)
(108)
(128)
(152)
(180)
(213)
NOPAT
39
46
55
65
77
91
less capex
0
0
(38)
(91)
(162)
(256)
less working-capital build
—
(9)
(10)
(12)
(14)
(17)
Free cash flow to firm
—
146
134
114
81
32
Present value
138
115
87
56
20
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 · RAMCO SYSTEMS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
416
PV of the terminal value (44% of EV)
330
Enterprise value
746
less net debt
123
less non-controlling interest
0
add non-operating investments
0
Equity value
869
÷ 3.76 crore shares
₹231
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
236
245
255
268
284
10.5%
226
233
242
252
265
11.0%
218
224
231
239
250
11.5%
210
216
222
229
237
12.0%
204
208
213
219
226
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
