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Model Note · ZENSAR TECHNOLOGIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZENSAR TECHNOLOGIES LTD Discounted cash flow · base FY26
ZENSAR TECHNOLOGIES LTD
Value per share, this model₹503
CMP 2026-09-10₹429.00
Difference17.2%
Growth the CMP implies2.6%/yr
This note states the assumptions and the arithmetic of one model of ZENSAR TECHNOLOGIES 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
7.5% a year
FY26 7.7% · 5-yr CAGR 8.5%
EBITDA margin
15.7%
FY26 15.7% · 5-yr average 15.2%
Depreciation · capex, % of revenue
1.6% · 0.9%, fading to 1.2× depreciation
FY26 1.6% · 0.9%
Working capital, % of added revenue · tax
9.8% · 24.2%
36 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(416) · ₹0 · ₹0 cr
FY26 net debt ₹(416) cr
Shares
22.70 crore
22.70 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
5,687
6,114
6,573
7,065
7,595
8,165
growth %
7.7
7.5
7.5
7.5
7.5
7.5
EBITDA
891
960
1,032
1,109
1,192
1,282
Depreciation
(91)
(98)
(105)
(113)
(122)
(131)
NOPAT
606
653
702
755
812
873
less capex
(54)
(55)
(76)
(100)
(126)
(157)
less working-capital build
—
(42)
(45)
(48)
(52)
(56)
Free cash flow to firm
—
654
687
720
755
791
Present value
621
587
555
524
494
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 · ZENSAR TECHNOLOGIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,782
PV of the terminal value (75% of EV)
8,212
Enterprise value
10,993
less net debt
416
less non-controlling interest
0
add non-operating investments
0
Equity value
11,409
÷ 22.70 crore shares
₹503
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
518
554
598
651
717
10.5%
480
510
546
588
640
11.0%
448
473
503
537
579
11.5%
420
441
466
495
529
12.0%
395
414
435
459
487
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
