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Model Note · TATA ELXSI LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TATA ELXSI LIMITED Discounted cash flow · base FY26
TATA ELXSI LIMITED
Value per share, this model₹1,199
CMP 2026-09-10₹3,383.00
Difference(64.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TATA ELXSI 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
1% a year
FY26 0.8% · 5-yr CAGR 15.5%
EBITDA margin
20%
FY26 20.0% · 5-yr average 27.4%
Depreciation · capex, % of revenue
2.5% · 0.3%, fading to 1.2× depreciation
FY26 2.5% · 0.3%
Working capital, % of added revenue · tax
25.5% · 23.8%
93 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(195) · ₹0 · ₹0 cr
FY26 net debt ₹(195) cr
Shares
6.23 crore
6.23 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
3,757
3,795
3,833
3,871
3,910
3,949
growth %
0.8
1.0
1.0
1.0
1.0
1.0
EBITDA
751
759
767
774
782
790
Depreciation
(94)
(95)
(96)
(97)
(98)
(99)
NOPAT
501
506
511
516
521
527
less capex
(11)
(11)
(37)
(64)
(91)
(118)
less working-capital build
—
(10)
(10)
(10)
(10)
(10)
Free cash flow to firm
—
580
560
539
518
497
Present value
550
479
416
360
311
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 · TATA ELXSI LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,115
PV of the terminal value (71% of EV)
5,160
Enterprise value
7,276
less net debt
195
less non-controlling interest
0
add non-operating investments
0
Equity value
7,471
÷ 6.23 crore shares
₹1,199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,236
1,319
1,418
1,539
1,690
10.5%
1,149
1,217
1,299
1,396
1,515
11.0%
1,074
1,132
1,199
1,279
1,374
11.5%
1,009
1,058
1,115
1,181
1,259
12.0%
953
995
1,043
1,099
1,164
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
