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Model Note · BLACKBUCK LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BLACKBUCK LIMITED Discounted cash flow · base FY26
BLACKBUCK LIMITED
Value per share, this model₹240
CMP 2026-09-10₹631.00
Difference(62.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BLACKBUCK 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
30% a year
FY26 52.8% · 5-yr CAGR —%
EBITDA margin
25%
FY26 25.0% · 5-yr average (20.4)%
Depreciation · capex, % of revenue
8.1% · 17.2%, fading to 1.2× depreciation
FY26 8.1% · 17.2%
Working capital, % of added revenue · tax
0% · 4.3%
-6 working-capital days · effective 4.3%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(66) · ₹0 · ₹0 cr
FY26 net debt ₹(66) cr
Shares
18.21 crore
18.21 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
652
848
1,102
1,432
1,862
2,421
growth %
52.8
30.0
30.0
30.0
30.0
30.0
EBITDA
163
212
275
358
466
605
Depreciation
(53)
(69)
(89)
(116)
(151)
(196)
NOPAT
106
137
178
232
301
392
less capex
(112)
(146)
(169)
(193)
(216)
(235)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
60
99
155
236
352
Present value
57
84
119
164
220
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 · BLACKBUCK LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
645
PV of the terminal value (85% of EV)
3,659
Enterprise value
4,303
less net debt
66
less non-controlling interest
0
add non-operating investments
0
Equity value
4,369
÷ 18.21 crore shares
₹240
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
248
268
292
322
358
10.5%
227
244
264
287
316
11.0%
210
224
240
259
282
11.5%
194
206
220
236
255
12.0%
181
191
203
216
232
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
