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Model Note · R T S POWER CORPN. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
R T S POWER CORPN. LTD. Discounted cash flow · base FY26
R T S POWER CORPN. LTD.
Value per share, this model₹51
CMP 2026-09-10₹87.90
Difference(41.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of R T S POWER CORPN. 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
-5% a year
FY26 (20.1)% · 5-yr CAGR 15.7%
EBITDA margin
4.5%
FY26 4.5% · 5-yr average 5.5%
Depreciation · capex, % of revenue
2.2% · 0.5%, fading to 1.2× depreciation
FY26 2.2% · 0.5%
Working capital, % of added revenue · tax
44.1% · 31.3%
161 working-capital days · effective 31.3%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹23 · ₹0 · ₹0 cr
FY26 net debt ₹23 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
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
161
153
145
138
131
124
growth %
(20.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
7
7
7
6
6
6
Depreciation
(4)
(3)
(3)
(3)
(3)
(3)
NOPAT
3
2
2
2
2
2
less capex
(1)
(1)
(2)
(2)
(3)
(3)
less working-capital build
—
4
3
3
3
3
Free cash flow to firm
—
9
7
6
5
4
Present value
8
6
5
4
3
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 · R T S POWER CORPN. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
26
PV of the terminal value (64% of EV)
45
Enterprise value
70
less net debt
(23)
less non-controlling interest
0
add non-operating investments
0
Equity value
47
÷ 0.92 crore shares
₹51
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
54
59
64
72
80
10.5%
49
53
57
63
70
11.0%
44
48
51
56
62
11.5%
40
43
46
50
55
12.0%
37
39
42
45
49
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
