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Model Note · C2C ADVANCED SYSTEMS LTD · 28 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
C2C ADVANCED SYSTEMS LTD Discounted cash flow · base FY25
C2C ADVANCED SYSTEMS LTD
Value per share, this model₹161
CMP, 27 Oct 2026₹149.00
Difference7.9%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of C2C ADVANCED SYSTEMS LTD, built on its filed FY25 standalone 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
FY25 —% · 5-yr CAGR —%
EBITDA margin
36%
FY25 36.0% · 5-yr average 36.0%
Depreciation · capex, % of revenue
1.5% · 2.6%, fading to 1.2× depreciation
FY25 1.5% · 2.6%
Working capital, % of added revenue · tax
144.2% · 29.9%
527 working-capital days · effective 29.9%
Discount rate
11.00%
1-yr beta 1.36
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹36 · ₹0 · ₹0 cr
FY25 net debt ₹36 cr
Shares
1.66 crore
1.66 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
115
124
134
145
157
169
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
41
45
48
52
56
61
Depreciation
(2)
(2)
(2)
(2)
(2)
(3)
NOPAT
28
30
32
35
38
41
less capex
(3)
(3)
(3)
(3)
(3)
(3)
less working-capital build
—
(13)
(14)
(15)
(17)
(18)
Free cash flow to firm
—
15
17
19
20
22
Present value
15
14
14
14
14
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 · C2C ADVANCED SYSTEMS LTD · 28 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
72
PV of the terminal value (76% of EV)
232
Enterprise value
303
less net debt
(36)
less non-controlling interest
0
add non-operating investments
0
Equity value
267
÷ 1.66 crore shares
₹161
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
167
181
197
218
243
10.5%
152
164
177
194
214
11.0%
140
149
161
174
190
11.5%
129
137
147
158
171
12.0%
119
126
135
144
155
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
