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Model Note · CARE RATINGS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CARE RATINGS LIMITED Discounted cash flow · base FY26
CARE RATINGS LIMITED
Value per share, this model₹1,293
CMP 2026-09-10₹1,660.00
Difference(22.1)%
Growth the CMP implies24.3%/yr
This note states the assumptions and the arithmetic of one model of CARE RATINGS 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
17.5% a year
FY26 17.6% · 5-yr CAGR 13.7%
EBITDA margin
41.7%
FY26 41.7% · 5-yr average 36.4%
Depreciation · capex, % of revenue
3% · 1.8%, fading to 1.2× depreciation
FY26 3.0% · 1.8%
Working capital, % of added revenue · tax
4.2% · 26.2%
16 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 0.84
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(43) · ₹0 · ₹0 cr
FY26 net debt ₹(43) cr
Shares
3.01 crore
3.01 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
473
556
653
767
902
1,060
growth %
17.6
17.5
17.5
17.5
17.5
17.5
EBITDA
197
232
272
320
376
442
Depreciation
(14)
(17)
(20)
(23)
(27)
(32)
NOPAT
135
159
187
219
258
303
less capex
(8)
(10)
(15)
(21)
(28)
(38)
less working-capital build
—
(3)
(4)
(5)
(6)
(7)
Free cash flow to firm
—
162
187
217
251
290
Present value
154
160
167
174
181
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 · CARE RATINGS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
836
PV of the terminal value (78% of EV)
3,008
Enterprise value
3,844
less net debt
43
less non-controlling interest
0
add non-operating investments
0
Equity value
3,887
÷ 3.01 crore shares
₹1,293
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,336
1,436
1,555
1,702
1,884
10.5%
1,231
1,314
1,412
1,530
1,673
11.0%
1,142
1,212
1,293
1,389
1,505
11.5%
1,064
1,124
1,192
1,272
1,367
12.0%
997
1,048
1,106
1,173
1,252
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
