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Model Note · COVANCE SOFTSOL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
COVANCE SOFTSOL LIMITED Discounted cash flow · base FY26
COVANCE SOFTSOL LIMITED
Value per share, this model₹509
CMP 2026-09-10₹140.60
Difference262.3%
Growth the CMP implies(10.5)%/yr
This note states the assumptions and the arithmetic of one model of COVANCE SOFTSOL 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
30% a year
FY26 43.5% · 5-yr CAGR —%
EBITDA margin
28.7%
FY26 28.7% · 5-yr average 20.2%
Depreciation · capex, % of revenue
0.3% · 0.4%, fading to 1.2× depreciation
FY26 0.3% · 0.4%
Working capital, % of added revenue · tax
20.4% · 26.1%
75 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta -0.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
2.21 crore
2.21 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
146
190
247
321
417
542
growth %
43.5
30.0
30.0
30.0
30.0
30.0
EBITDA
42
54
71
92
120
156
Depreciation
(0)
(1)
(1)
(1)
(1)
(2)
NOPAT
31
40
52
67
87
114
less capex
(1)
(1)
(1)
(1)
(2)
(2)
less working-capital build
—
(9)
(12)
(15)
(20)
(26)
Free cash flow to firm
—
31
40
52
68
88
Present value
29
34
40
47
55
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 · COVANCE SOFTSOL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
205
PV of the terminal value (82% of EV)
913
Enterprise value
1,118
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
1,128
÷ 2.21 crore shares
₹509
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
527
568
617
677
753
10.5%
484
518
558
607
666
11.0%
447
476
509
549
597
11.5%
415
440
468
501
540
12.0%
388
409
433
460
493
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
