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Model Note · ZF COM VE CTR SYS IND LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZF COM VE CTR SYS IND LTD Discounted cash flow · base FY26
ZF COM VE CTR SYS IND LTD
Value per share, this model₹547
CMP 2026-09-10₹2,536.10
Difference(78.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ZF COM VE CTR SYS IND 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 7.5% · 5-yr CAGR —%
EBITDA margin
15.7%
FY26 15.7% · 5-yr average 14.1%
Depreciation · capex, % of revenue
3.2% · 3.5%, fading to 1.2× depreciation
FY26 3.2% · 3.5%
Working capital, % of added revenue · tax
18.5% · 25.4%
67 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(192) · ₹0 · ₹0 cr
FY26 net debt ₹(192) cr
Shares
11.38 crore
11.38 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
4,119
4,428
4,760
5,117
5,501
5,913
growth %
7.5
7.5
7.5
7.5
7.5
7.5
EBITDA
647
695
747
803
864
928
Depreciation
(132)
(142)
(152)
(164)
(176)
(189)
NOPAT
384
413
444
477
513
551
less capex
(146)
(155)
(171)
(188)
(207)
(227)
less working-capital build
—
(57)
(61)
(66)
(71)
(76)
Free cash flow to firm
—
342
364
387
411
437
Present value
325
311
298
286
273
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 · ZF COM VE CTR SYS IND LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,493
PV of the terminal value (75% of EV)
4,541
Enterprise value
6,034
less net debt
192
less non-controlling interest
0
add non-operating investments
0
Equity value
6,226
÷ 11.38 crore shares
₹547
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
565
604
652
710
783
10.5%
523
556
595
642
699
11.0%
487
515
547
585
631
11.5%
456
480
507
539
576
12.0%
429
449
472
499
530
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
