TEAMLEASE SERVICES LTD. — valuation model

TEAMLEASE SERVICES LTD.TEAMLEASECommercial Services & Supplies

₹573per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹573implied FY26 P/E 6.5× · EV/EBITDA 5.5×

Against CMP ₹1,238.30−53.7%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3165%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹478₹763

52-week rangetraded range, a fact not a value

₹1,065₹1,944

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	291
PV of terminal value	535
Enterprise value	825
less net debt	136
less non-controlling interest	0
add non-operating investments	0
Equity value	961
÷ 1.68 crore shares	₹573

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	588	620	658	705	763
10.50%	554	581	612	649	695
11.00%	525	547	573	604	641
11.50%	500	519	541	566	596
12.00%	478	494	513	534	559

The outlined cell is your model. Green figures sit above the CMP of ₹1,238.30; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	391 · 570 · 748
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.87
Rank correlation with revenue growth	−0.39
Rank correlation with discount rate	−0.26

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	7,870	9,322	11,156	11,791	12,439	13,123	13,845	14,607	15,410
growth %	21.5	18.4	19.7	5.7	5.5	5.5	5.5	5.5	5.5
EBITDA	120	134	138	151	162	171	180	190	200
margin %	1.5	1.4	1.2	1.3	1.3	1.3	1.3	1.3	1.3
less depreciation	(43)	(53)	(54)	(56)	(62)	(66)	(69)	(73)	(77)
EBIT	77	82	84	95	100	105	111	117	123
less tax on EBIT				(6)	(6)	(6)	(7)	(7)	(7)
NOPAT				89	94	99	104	110	116
add depreciation	43	53	54	56	62	66	69	73	77
less capex	(6)	(7)	(31)	(29)	(25)	(39)	(55)	(73)	(92)
less working-capital build				—	(40)	(42)	(44)	(46)	(49)
Free cash flow to firm	120	111	73	—	91	83	74	63	51
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					87	71	57	44	32

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 34, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	95	100	105	111	117	123
Interest at 8% on debt		(3)	(3)	(3)	(3)	(3)
Profit before tax		97	102	108	114	121
Profit after tax	140	91	96	102	107	113
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	170	258	339	410	471	520
Working capital	720	760	802	846	892	941
Net block and other assets	1,910	1,873	1,847	1,833	1,833	1,848
Debt	34	34	34	34	34	34
Equity	1,060	1,151	1,247	1,348	1,456	1,569
Balance check	0	0	0	0	(0)	(0)
Cash flow
From operations		114	120	127	134	141
Investing (capex)		(25)	(39)	(55)	(73)	(92)
Financing (dividends)		0	0	0	0	0
Net change in cash		89	81	71	61	49
Free cash flow to equity		89	81	71	61	49

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	5.5%	1.3%	11.00%	5%	₹573	(53.7)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.