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Model Note · RNFI SERVICES LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RNFI SERVICES LIMITED Discounted cash flow · base FY26
RNFI SERVICES LIMITED
Value per share, this model₹199
CMP, 8 Oct 2026₹317.85
Difference(37.5)%
Growth the CMP implies31.9%/yr
This note states the assumptions and the arithmetic of one model of RNFI 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
5.5% a year
FY26 5.7% · 5-yr CAGR —%
EBITDA margin
6%
FY26 6.0% · 5-yr average 5.0%
Depreciation · capex, % of revenue
1.8% · 1.9%, fading to 1.2× depreciation
FY26 1.8% · 1.9%
Working capital, % of added revenue · tax
5.2% · 25.8%
19 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(62) · ₹0 · ₹0 cr
FY26 net debt ₹(62) cr
Shares
2.54 crore
2.54 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
969
1,022
1,078
1,137
1,200
1,266
growth %
5.7
5.5
5.5
5.5
5.5
5.5
EBITDA
58
61
65
68
72
76
Depreciation
(17)
(18)
(19)
(20)
(22)
(23)
NOPAT
30
32
34
35
37
39
less capex
(18)
(19)
(21)
(23)
(25)
(27)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
28
29
30
31
31
Present value
27
25
23
21
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 · RNFI SERVICES LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
115
PV of the terminal value (74% of EV)
327
Enterprise value
442
less net debt
62
less non-controlling interest
0
add non-operating investments
0
Equity value
504
÷ 2.54 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
204
217
233
251
275
10.5%
191
202
214
229
248
11.0%
179
188
199
211
226
11.5%
169
177
186
196
208
12.0%
160
167
175
183
193
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
