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Model Note · CENTRAL DEPO SER (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CENTRAL DEPO SER (I) LTD Discounted cash flow · base FY26
CENTRAL DEPO SER (I) LTD
Value per share, this model₹332
CMP 2026-09-10₹1,360.00
Difference(75.6)%
Growth the CMP implies44.0%/yr
This note states the assumptions and the arithmetic of one model of CENTRAL DEPO SER (I) LTD, 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
6% a year
FY26 5.8% · 5-yr CAGR 27.2%
EBITDA margin
51.2%
FY26 51.2% · 5-yr average 58.8%
Depreciation · capex, % of revenue
5.8% · 8.7%, fading to 1.2× depreciation
FY26 5.8% · 8.7%
Working capital, % of added revenue · tax
1.1% · 25.1%
4 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(51) · ₹0 · ₹0 cr
FY26 net debt ₹(51) cr
Shares
20.90 crore
20.90 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
1,145
1,214
1,286
1,364
1,445
1,532
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
586
621
659
698
740
784
Depreciation
(66)
(70)
(75)
(79)
(84)
(89)
NOPAT
389
413
437
464
492
521
less capex
(100)
(106)
(106)
(107)
(107)
(107)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
377
405
435
468
502
Present value
358
346
335
324
314
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 · CENTRAL DEPO SER (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,678
PV of the terminal value (76% of EV)
5,216
Enterprise value
6,894
less net debt
51
less non-controlling interest
0
add non-operating investments
0
Equity value
6,945
÷ 20.90 crore shares
₹332
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
343
368
398
434
480
10.5%
317
338
362
391
427
11.0%
295
312
332
356
385
11.5%
275
290
307
327
351
12.0%
258
271
286
302
322
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
