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Model Note · RISHI LASER LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RISHI LASER LTD. Discounted cash flow · base FY23
RISHI LASER LTD.
Value per share, this model₹162
CMP 2026-09-10₹142.00
Difference14.0%
Growth the CMP implies11.2%/yr
This note states the assumptions and the arithmetic of one model of RISHI LASER 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
14.5% a year
FY23 14.3% · 5-yr CAGR —%
EBITDA margin
6.5%
FY23 6.5% · 5-yr average 4.4%
Depreciation · capex, % of revenue
2.1% · 1%, fading to 1.2× depreciation
FY23 2.1% · 1.0%
Working capital, % of added revenue · tax
0.5% · -6.7%
2 working-capital days · effective (6.7)%
Discount rate
11.00%
1-yr beta 0.73
After FY28
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5 · ₹0 · ₹0 cr
FY23 net debt ₹5 cr
Shares
0.92 crore
0.92 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
134
154
176
201
231
264
growth %
14.3
14.5
14.5
14.5
14.5
14.5
EBITDA
9
10
11
13
15
17
Depreciation
(3)
(3)
(4)
(4)
(5)
(6)
NOPAT
6
7
8
9
11
12
less capex
(1)
(2)
(2)
(4)
(5)
(7)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
9
9
10
11
11
Present value
8
8
8
7
7
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 · RISHI LASER LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
38
PV of the terminal value (75% of EV)
115
Enterprise value
154
less net debt
(5)
less non-controlling interest
0
add non-operating investments
0
Equity value
149
÷ 0.92 crore shares
₹162
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
167
180
195
213
236
10.5%
154
165
177
192
210
11.0%
143
152
162
174
188
11.5%
133
141
149
159
171
12.0%
125
131
138
147
157
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
