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Model Note · TEAMLEASE SERVICES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TEAMLEASE SERVICES LTD. Discounted cash flow · base FY26
TEAMLEASE SERVICES LTD.
Value per share, this model₹573
CMP 2026-09-10₹1,238.30
Difference(53.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TEAMLEASE SERVICES 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
5.5% a year
FY26 5.7% · 5-yr CAGR 19.3%
EBITDA margin
1.3%
FY26 1.3% · 5-yr average 1.3%
Depreciation · capex, % of revenue
0.5% · 0.2%, fading to 1.2× depreciation
FY26 0.5% · 0.2%
Working capital, % of added revenue · tax
6.1% · 6%
22 working-capital days · effective 6.0%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(136) · ₹0 · ₹0 cr
FY26 net debt ₹(136) cr
Shares
1.68 crore
1.68 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
11,791
12,439
13,123
13,845
14,607
15,410
growth %
5.7
5.5
5.5
5.5
5.5
5.5
EBITDA
151
162
171
180
190
200
Depreciation
(56)
(62)
(66)
(69)
(73)
(77)
NOPAT
89
94
99
104
110
116
less capex
(29)
(25)
(39)
(55)
(73)
(92)
less working-capital build
—
(40)
(42)
(44)
(46)
(49)
Free cash flow to firm
—
91
83
74
63
51
Present value
87
71
57
44
32
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 · TEAMLEASE SERVICES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
291
PV of the terminal value (65% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
588
620
658
705
763
10.5%
554
581
612
649
695
11.0%
525
547
573
604
641
11.5%
500
519
541
566
596
12.0%
478
494
513
534
559
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
