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Model Note · TECHNO ELEC & ENG CO. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TECHNO ELEC & ENG CO. LTD Discounted cash flow · base FY26
TECHNO ELEC & ENG CO. LTD
Value per share, this model₹1,357
CMP 2026-09-10₹975.00
Difference39.1%
Growth the CMP implies21.1%/yr
This note states the assumptions and the arithmetic of one model of TECHNO ELEC & ENG CO. 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 43.3% · 5-yr CAGR 29.6%
EBITDA margin
14.2%
FY26 14.2% · 5-yr average 14.8%
Depreciation · capex, % of revenue
0.5% · 2.1%, fading to 1.2× depreciation
FY26 0.5% · 2.1%
Working capital, % of added revenue · tax
0.8% · 22%
3 working-capital days · effective 22.0%
Discount rate
11.00%
1-yr beta 1.42
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹19 · ₹0 · ₹0 cr
FY26 net debt ₹19 cr
Shares
11.63 crore
11.63 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
3,252
4,227
5,495
7,144
9,287
12,073
growth %
43.3
30.0
30.0
30.0
30.0
30.0
EBITDA
462
600
780
1,014
1,319
1,714
Depreciation
(17)
(21)
(27)
(36)
(46)
(60)
NOPAT
347
452
587
763
992
1,290
less capex
(67)
(89)
(95)
(96)
(91)
(72)
less working-capital build
—
(8)
(10)
(13)
(17)
(22)
Free cash flow to firm
—
376
510
689
931
1,256
Present value
357
436
531
646
785
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 · TECHNO ELEC & ENG CO. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,756
PV of the terminal value (83% of EV)
13,042
Enterprise value
15,797
less net debt
(19)
less non-controlling interest
0
add non-operating investments
0
Equity value
15,778
÷ 11.63 crore shares
₹1,357
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,404
1,515
1,650
1,813
2,018
10.5%
1,287
1,380
1,490
1,621
1,782
11.0%
1,187
1,265
1,357
1,464
1,594
11.5%
1,101
1,168
1,244
1,334
1,440
12.0%
1,026
1,083
1,148
1,224
1,312
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
