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Model Note · WEBSOL ENERGY SYSTEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WEBSOL ENERGY SYSTEM LTD Discounted cash flow · base FY26
WEBSOL ENERGY SYSTEM LTD
Value per share, this model₹123
CMP 2026-09-10₹75.52
Difference63.4%
Growth the CMP implies(4.6)%/yr
This note states the assumptions and the arithmetic of one model of WEBSOL ENERGY SYSTEM 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
40.7%
FY26 40.7% · 5-yr average 40.7%
Depreciation · capex, % of revenue
5.9% · 17.1%, fading to 1.2× depreciation
FY26 5.9% · 17.1%
Working capital, % of added revenue · tax
17.3% · 15.7%
63 working-capital days · effective 15.7%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹52 · ₹0 · ₹0 cr
FY26 net debt ₹52 cr
Shares
43.42 crore
43.42 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
1,049
1,133
1,224
1,322
1,428
1,542
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
427
461
498
538
581
628
Depreciation
(62)
(67)
(72)
(78)
(84)
(91)
NOPAT
308
332
359
388
419
452
less capex
(180)
(194)
(179)
(160)
(137)
(109)
less working-capital build
—
(15)
(16)
(17)
(18)
(20)
Free cash flow to firm
—
191
237
289
348
414
Present value
181
203
223
241
259
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 · WEBSOL ENERGY SYSTEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,107
PV of the terminal value (80% of EV)
4,304
Enterprise value
5,411
less net debt
(52)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,359
÷ 43.42 crore shares
₹123
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
128
138
149
164
182
10.5%
117
126
135
147
161
11.0%
108
115
123
133
144
11.5%
101
107
113
121
131
12.0%
94
99
105
112
119
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
