This note states the assumptions and the arithmetic of one model of XELPMOC DESIGN & TECH 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
-4% a year
FY26 (4.2)% · 5-yr CAGR (23.3)%
EBITDA margin
-197.9%
FY26 (197.9)% · 5-yr average (174.6)%
Depreciation · capex, % of revenue
27.6% · 22.9%, fading to 1.2× depreciation
FY26 27.6% · 22.9%
Working capital, % of added revenue · tax
21.9% · 25.17%
80 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
1.48 crore
1.48 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
4
4
3
3
3
3
growth %
(4.2)
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
EBITDA
(7)
(7)
(7)
(7)
(6)
(6)
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
(6)
(6)
(6)
(6)
(5)
(5)
less capex
(1)
(1)
(1)
(1)
(1)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(6)
(6)
(6)
(5)
(5)
Present value
(6)
(5)
(4)
(4)
(3)
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 · XELPMOC DESIGN & TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(22)
PV of the terminal value (—% of EV)
(55)
Enterprise value
(77)
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
(76)
÷ 1.48 crore shares
₹(51)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(53)
(56)
(61)
(66)
(73)
10.5%
(49)
(52)
(56)
(60)
(65)
11.0%
(45)
(48)
(51)
(55)
(59)
11.5%
(43)
(45)
(47)
(50)
(54)
12.0%
(40)
(42)
(44)
(47)
(50)
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
