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Model Note · RISHABH INSTRUMENTS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RISHABH INSTRUMENTS LTD Discounted cash flow · base FY26
RISHABH INSTRUMENTS LTD
Value per share, this model₹203
CMP 2026-09-10₹825.00
Difference(75.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RISHABH INSTRUMENTS 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
7.5% a year
FY26 7.6% · 5-yr CAGR —%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 11.1%
Depreciation · capex, % of revenue
4.6% · 14.2%, fading to 1.2× depreciation
FY26 4.6% · 14.2%
Working capital, % of added revenue · tax
29.7% · 22.4%
108 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 1.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22) · ₹0 · ₹0 cr
FY26 net debt ₹(22) cr
Shares
3.87 crore
3.87 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
775
833
896
963
1,035
1,113
growth %
7.6
7.5
7.5
7.5
7.5
7.5
EBITDA
126
136
146
157
169
181
Depreciation
(36)
(38)
(41)
(44)
(48)
(51)
NOPAT
70
76
81
87
94
101
less capex
(110)
(118)
(108)
(95)
(80)
(61)
less working-capital build
—
(17)
(19)
(20)
(21)
(23)
Free cash flow to firm
—
(22)
(4)
17
41
68
Present value
(21)
(3)
13
28
42
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 · RISHABH INSTRUMENTS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
60
PV of the terminal value (92% of EV)
703
Enterprise value
763
less net debt
22
less non-controlling interest
0
add non-operating investments
0
Equity value
785
÷ 3.87 crore shares
₹203
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
210
229
250
277
310
10.5%
192
207
225
246
272
11.0%
176
188
203
221
242
11.5%
162
173
185
200
217
12.0%
150
159
170
182
196
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
