This note states the assumptions and the arithmetic of one model of Classic Leasing & Finance 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
30% a year
FY26 89.1% · 5-yr CAGR 50.2%
EBITDA margin
70.8%
FY26 70.8% · 5-yr average (607.0)%
Depreciation · capex, % of revenue
0.8% · 0.2%, fading to 1.2× depreciation
FY26 0.8% · 0.2%
Working capital, % of added revenue · tax
0% · 0.1%
0 working-capital days · effective 0.1%
Discount rate
11.00%
1-yr beta 0.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7 · ₹0 · ₹0 cr
FY26 net debt ₹7 cr
Shares
1.23 crore
1.23 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
2
2
3
4
5
growth %
89.1
30.0
30.0
30.0
30.0
30.0
EBITDA
1
1
2
2
3
3
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
1
1
2
2
3
3
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
2
2
3
3
Present value
1
1
2
2
2
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 · Classic Leasing & Finance Ltd. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
8
PV of the terminal value (82% of EV)
35
Enterprise value
43
less net debt
(7)
less non-controlling interest
0
add non-operating investments
0
Equity value
36
÷ 1.23 crore shares
₹29
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
30
33
37
41
46
10.5%
27
30
33
36
40
11.0%
25
27
29
32
35
11.5%
23
24
26
29
31
12.0%
21
22
24
26
28
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
