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Model Note · TRANSRAIL LIGHTING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TRANSRAIL LIGHTING LTD Discounted cash flow · base FY26
TRANSRAIL LIGHTING LTD
Value per share, this model₹1,699
CMP 2026-09-10₹412.50
Difference311.8%
Growth the CMP implies(3.8)%/yr
This note states the assumptions and the arithmetic of one model of TRANSRAIL LIGHTING 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
29.5% a year
FY26 29.6% · 5-yr CAGR —%
EBITDA margin
11.7%
FY26 11.7% · 5-yr average 12.2%
Depreciation · capex, % of revenue
1% · 3.6%, fading to 1.2× depreciation
FY26 1.0% · 3.6%
Working capital, % of added revenue · tax
0% · 28.8%
-15 working-capital days · effective 28.8%
Discount rate
11.00%
1-yr beta 1.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹274 · ₹0 · ₹0 cr
FY26 net debt ₹274 cr
Shares
13.43 crore
13.43 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
6,880
8,910
11,538
14,942
19,350
25,058
growth %
29.6
29.5
29.5
29.5
29.5
29.5
EBITDA
802
1,042
1,350
1,748
2,264
2,932
Depreciation
(66)
(89)
(115)
(149)
(193)
(251)
NOPAT
524
679
879
1,138
1,474
1,909
less capex
(249)
(321)
(346)
(359)
(348)
(301)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
447
648
929
1,319
1,859
Present value
424
554
716
916
1,162
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 · TRANSRAIL LIGHTING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,772
PV of the terminal value (84% of EV)
19,305
Enterprise value
23,078
less net debt
(274)
less non-controlling interest
0
add non-operating investments
0
Equity value
22,804
÷ 13.43 crore shares
₹1,699
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,759
1,902
2,074
2,284
2,547
10.5%
1,609
1,728
1,869
2,038
2,244
11.0%
1,481
1,582
1,699
1,837
2,003
11.5%
1,371
1,456
1,555
1,670
1,805
12.0%
1,275
1,348
1,432
1,528
1,641
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
