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Model Note · CARTRADE TECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CARTRADE TECH LIMITED Discounted cash flow · base FY26
CARTRADE TECH LIMITED
Value per share, this model₹1,160
CMP 2026-09-10₹3,086.10
Difference(62.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CARTRADE TECH 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
21.5% a year
FY26 21.5% · 5-yr CAGR —%
EBITDA margin
32.1%
FY26 32.1% · 5-yr average 7.6%
Depreciation · capex, % of revenue
5% · 3.4%, fading to 1.2× depreciation
FY26 5.0% · 3.4%
Working capital, % of added revenue · tax
7.8% · 16%
28 working-capital days · effective 16.0%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(31) · ₹0 · ₹0 cr
FY26 net debt ₹(31) cr
Shares
4.80 crore
4.80 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
779
947
1,150
1,398
1,698
2,063
growth %
21.5
21.5
21.5
21.5
21.5
21.5
EBITDA
250
304
369
449
545
662
Depreciation
(39)
(47)
(58)
(70)
(85)
(103)
NOPAT
178
216
262
318
387
470
less capex
(27)
(32)
(47)
(66)
(91)
(124)
less working-capital build
—
(13)
(16)
(19)
(23)
(28)
Free cash flow to firm
—
218
257
303
357
421
Present value
207
220
233
248
263
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 · CARTRADE TECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,171
PV of the terminal value (79% of EV)
4,368
Enterprise value
5,539
less net debt
31
less non-controlling interest
0
add non-operating investments
0
Equity value
5,570
÷ 4.80 crore shares
₹1,160
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,199
1,289
1,398
1,531
1,697
10.5%
1,104
1,179
1,268
1,375
1,505
11.0%
1,022
1,086
1,160
1,247
1,352
11.5%
952
1,006
1,068
1,141
1,227
12.0%
891
937
990
1,051
1,123
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
