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Model Note · BILLIONBRAINS GARAGE VN L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BILLIONBRAINS GARAGE VN L Discounted cash flow · base FY26
BILLIONBRAINS GARAGE VN L
Value per share, this model₹66
CMP 2026-09-10₹200.00
Difference(67.2)%
Growth the CMP implies37.9%/yr
This note states the assumptions and the arithmetic of one model of BILLIONBRAINS GARAGE VN L, 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
59.1%
FY26 59.1% · 5-yr average 59.1%
Depreciation · capex, % of revenue
1% · 0.3%, fading to 1.2× depreciation
FY26 1.0% · 0.3%
Working capital, % of added revenue · tax
0% · 26.1%
-611 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(941) · ₹0 · ₹0 cr
FY26 net debt ₹(941) cr
Shares
624.14 crore
624.14 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
4,645
5,016
5,417
5,851
6,319
6,824
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
2,746
2,965
3,202
3,458
3,734
4,033
Depreciation
(48)
(50)
(54)
(59)
(63)
(68)
NOPAT
1,994
2,154
2,326
2,512
2,713
2,930
less capex
(12)
(15)
(28)
(44)
(62)
(82)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2,189
2,352
2,527
2,715
2,916
Present value
2,078
2,011
1,946
1,884
1,823
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 · BILLIONBRAINS GARAGE VN L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,743
PV of the terminal value (76% of EV)
30,289
Enterprise value
40,031
less net debt
941
less non-controlling interest
0
add non-operating investments
0
Equity value
40,972
÷ 624.14 crore shares
₹66
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
68
73
78
85
94
10.5%
63
67
71
77
84
11.0%
58
62
66
70
76
11.5%
55
57
61
65
69
12.0%
51
54
57
60
64
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
