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Model Note · VISHNUSURYA PROJ N INFR L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VISHNUSURYA PROJ N INFR L Discounted cash flow · base FY26
VISHNUSURYA PROJ N INFR L
Value per share, this model₹5,186
CMP 2026-09-10₹156.90
Difference3205.0%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of VISHNUSURYA PROJ N INFR L, 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 30.0% · 5-yr CAGR —%
EBITDA margin
16%
FY26 16.0% · 5-yr average 16.0%
Depreciation · capex, % of revenue
2.4% · 3.1%, fading to 1.2× depreciation
FY26 2.4% · 3.1%
Working capital, % of added revenue · tax
8.1% · 21.1%
29 working-capital days · effective 21.1%
Discount rate
11.00%
1-yr beta 0.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹45 · ₹0 · ₹0 cr
FY26 net debt ₹45 cr
Shares
0.26 crore
0.26 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
352
457
594
773
1,005
1,306
growth %
30.0
30.0
30.0
30.0
30.0
30.0
EBITDA
56
73
95
124
161
209
Depreciation
(9)
(11)
(14)
(19)
(24)
(31)
NOPAT
38
49
64
83
108
140
less capex
(11)
(14)
(18)
(23)
(29)
(38)
less working-capital build
—
(9)
(11)
(14)
(19)
(24)
Free cash flow to firm
—
37
49
64
84
109
Present value
35
42
49
58
68
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 · VISHNUSURYA PROJ N INFR L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
253
PV of the terminal value (82% of EV)
1,137
Enterprise value
1,390
less net debt
(45)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,345
÷ 0.26 crore shares
₹5,186
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5,370
5,807
6,331
6,972
7,773
10.5%
4,914
5,277
5,706
6,221
6,850
11.0%
4,523
4,829
5,186
5,607
6,112
11.5%
4,186
4,446
4,746
5,096
5,510
12.0%
3,891
4,115
4,370
4,665
5,009
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
