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Model Note · CREDO BRANDS MARKETING L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CREDO BRANDS MARKETING L Discounted cash flow · base FY25
CREDO BRANDS MARKETING L
Value per share, this model₹169
CMP 2026-09-10₹72.57
Difference132.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of CREDO BRANDS MARKETING L, built on its filed FY25 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
9% a year
FY25 9.0% · 5-yr CAGR —%
EBITDA margin
29.1%
FY25 29.1% · 5-yr average 28.7%
Depreciation · capex, % of revenue
11.1% · 3.4%, fading to 1.2× depreciation
FY25 11.1% · 3.4%
Working capital, % of added revenue · tax
51% · 25.5%
186 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.19
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(44) · ₹0 · ₹0 cr
FY25 net debt ₹(44) cr
Shares
6.54 crore
6.54 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
618
674
734
801
873
951
growth %
9.0
9.0
9.0
9.0
9.0
9.0
EBITDA
180
196
214
233
254
277
Depreciation
(69)
(75)
(82)
(89)
(97)
(106)
NOPAT
83
90
98
107
117
128
less capex
(21)
(23)
(43)
(67)
(95)
(127)
less working-capital build
—
(28)
(31)
(34)
(37)
(40)
Free cash flow to firm
—
114
106
96
83
66
Present value
108
91
74
57
42
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 · CREDO BRANDS MARKETING L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
371
PV of the terminal value (65% of EV)
689
Enterprise value
1,060
less net debt
44
less non-controlling interest
0
add non-operating investments
0
Equity value
1,104
÷ 6.54 crore shares
₹169
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
174
184
197
212
232
10.5%
163
171
182
194
209
11.0%
153
160
169
179
191
11.5%
145
151
158
167
176
12.0%
137
143
149
156
164
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
