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Model Note · TD POWER SYSTEMS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TD POWER SYSTEMS LTD. Discounted cash flow · base FY26
TD POWER SYSTEMS LTD.
Value per share, this model₹72
CMP 2026-09-10₹802.75
Difference(91.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TD POWER SYSTEMS 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
30% a year
FY26 45.2% · 5-yr CAGR 25.6%
EBITDA margin
17.8%
FY26 17.8% · 5-yr average 16.0%
Depreciation · capex, % of revenue
1.2% · 5.7%, fading to 1.2× depreciation
FY26 1.2% · 5.7%
Working capital, % of added revenue · tax
44.9% · 26.8%
164 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(60) · ₹0 · ₹0 cr
FY26 net debt ₹(60) cr
Shares
15.62 crore
15.62 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
1,856
2,413
3,137
4,078
5,302
6,892
growth %
45.2
30.0
30.0
30.0
30.0
30.0
EBITDA
330
430
558
726
944
1,227
Depreciation
(23)
(29)
(38)
(49)
(64)
(83)
NOPAT
225
293
381
496
644
837
less capex
(106)
(138)
(145)
(146)
(133)
(99)
less working-capital build
—
(250)
(325)
(423)
(549)
(714)
Free cash flow to firm
—
(65)
(52)
(24)
26
107
Present value
(62)
(44)
(18)
18
67
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 · TD POWER SYSTEMS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(40)
PV of the terminal value (104% of EV)
1,109
Enterprise value
1,069
less net debt
60
less non-controlling interest
0
add non-operating investments
0
Equity value
1,129
÷ 15.62 crore shares
₹72
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
75
82
91
101
114
10.5%
68
74
81
89
99
11.0%
62
67
72
79
87
11.5%
56
60
65
71
78
12.0%
52
55
59
64
70
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
