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Model Note · 5PAISA CAPITAL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
5PAISA CAPITAL LIMITED Discounted cash flow · base FY26
5PAISA CAPITAL LIMITED
Value per share, this model₹171
CMP 2026-09-10₹324.70
Difference(47.4)%
Growth the CMP implies10.5%/yr
This note states the assumptions and the arithmetic of one model of 5PAISA CAPITAL LIMITED, 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
-5% a year
FY26 (11.1)% · 5-yr CAGR 10.6%
EBITDA margin
31.5%
FY26 31.5% · 5-yr average 27.0%
Depreciation · capex, % of revenue
2.9% · 2.2%, fading to 1.2× depreciation
FY26 2.9% · 2.2%
Working capital, % of added revenue · tax
0% · 25.5%
0 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(37) · ₹0 · ₹0 cr
FY26 net debt ₹(37) cr
Shares
4.69 crore
4.69 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
320
304
288
274
260
247
growth %
(11.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
101
96
91
86
82
78
Depreciation
(9)
(9)
(8)
(8)
(8)
(7)
NOPAT
68
65
61
58
55
53
less capex
(7)
(7)
(7)
(8)
(8)
(9)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
67
63
59
55
51
Present value
63
53
45
38
32
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 · 5PAISA CAPITAL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
232
PV of the terminal value (70% of EV)
532
Enterprise value
764
less net debt
37
less non-controlling interest
0
add non-operating investments
0
Equity value
801
÷ 4.69 crore shares
₹171
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
176
187
201
218
238
10.5%
164
173
185
198
214
11.0%
154
162
171
182
195
11.5%
145
152
159
168
179
12.0%
137
143
149
157
166
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
