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Model Note · RITES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RITES LIMITED Discounted cash flow · base FY26
RITES LIMITED
Value per share, this model₹141
CMP 2026-09-10₹209.65
Difference(32.5)%
Growth the CMP implies30.1%/yr
This note states the assumptions and the arithmetic of one model of RITES 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
9% a year
FY26 8.9% · 5-yr CAGR 5.4%
EBITDA margin
22.9%
FY26 22.9% · 5-yr average 26.3%
Depreciation · capex, % of revenue
2.7% · 2.6%, fading to 1.2× depreciation
FY26 2.7% · 2.6%
Working capital, % of added revenue · tax
26.7% · 25.8%
98 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(557) · ₹0 · ₹0 cr
FY26 net debt ₹(557) cr
Shares
48.06 crore
48.06 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
2,415
2,632
2,869
3,128
3,409
3,716
growth %
8.9
9.0
9.0
9.0
9.0
9.0
EBITDA
554
603
657
716
781
851
Depreciation
(66)
(71)
(77)
(84)
(92)
(100)
NOPAT
362
395
430
469
511
557
less capex
(62)
(68)
(79)
(91)
(105)
(120)
less working-capital build
—
(58)
(63)
(69)
(75)
(82)
Free cash flow to firm
—
339
365
393
423
455
Present value
322
312
303
293
284
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 · RITES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,515
PV of the terminal value (76% of EV)
4,725
Enterprise value
6,240
less net debt
557
less non-controlling interest
0
add non-operating investments
0
Equity value
6,797
÷ 48.06 crore shares
₹141
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
146
155
167
182
200
10.5%
135
144
153
165
179
11.0%
127
133
141
151
162
11.5%
119
125
132
139
149
12.0%
112
117
123
130
137
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
