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Model Note · DEV INFO TECHNOLOGY LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DEV INFO TECHNOLOGY LTD Discounted cash flow · base FY26
DEV INFO TECHNOLOGY LTD
Value per share, this model₹262
CMP, 8 Oct 2026₹19.50
Difference1241.7%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of DEV INFO TECHNOLOGY 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
11% a year
FY26 11.0% · 5-yr CAGR —%
EBITDA margin
51.1%
FY26 51.1% · 5-yr average 15.2%
Depreciation · capex, % of revenue
1.7% · 7.6%, fading to 1.2× depreciation
FY26 1.7% · 7.6%
Working capital, % of added revenue · tax
37.6% · 20.2%
137 working-capital days · effective 20.2%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹23 · ₹0 · ₹0 cr
FY26 net debt ₹23 cr
Shares
5.64 crore
5.64 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
190
210
233
259
288
319
growth %
11.0
11.0
11.0
11.0
11.0
11.0
EBITDA
97
107
119
132
147
163
Depreciation
(3)
(4)
(4)
(4)
(5)
(5)
NOPAT
75
83
92
102
113
126
less capex
(14)
(16)
(14)
(12)
(10)
(7)
less working-capital build
—
(8)
(9)
(10)
(11)
(12)
Free cash flow to firm
—
63
73
84
98
113
Present value
59
62
65
68
71
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 · DEV INFO TECHNOLOGY LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
325
PV of the terminal value (78% of EV)
1,172
Enterprise value
1,498
less net debt
(23)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,475
÷ 5.64 crore shares
₹262
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
271
291
316
347
385
10.5%
249
266
286
311
341
11.0%
230
245
262
282
306
11.5%
214
226
241
257
277
12.0%
200
211
223
237
253
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
