The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · FDC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FDC LIMITED Discounted cash flow · base FY26
FDC LIMITED
Value per share, this model₹167
CMP 2026-09-10₹342.00
Difference(51.2)%
Growth the CMP implies32.5%/yr
This note states the assumptions and the arithmetic of one model of FDC 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
3% a year
FY26 3.0% · 5-yr CAGR 10.2%
EBITDA margin
15%
FY26 15.0% · 5-yr average 15.7%
Depreciation · capex, % of revenue
2.7% · 8.6%, fading to 1.2× depreciation
FY26 2.7% · 8.6%
Working capital, % of added revenue · tax
13.8% · 24.9%
51 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(49) · ₹0 · ₹0 cr
FY26 net debt ₹(49) cr
Shares
16.28 crore
16.28 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
2,171
2,236
2,303
2,372
2,443
2,517
growth %
3.0
3.0
3.0
3.0
3.0
3.0
EBITDA
325
335
345
356
367
378
Depreciation
(59)
(60)
(62)
(64)
(66)
(68)
NOPAT
200
207
213
219
226
232
less capex
(187)
(192)
(167)
(140)
(112)
(82)
less working-capital build
—
(9)
(9)
(10)
(10)
(10)
Free cash flow to firm
—
66
98
133
170
209
Present value
62
84
103
118
131
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 · FDC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
498
PV of the terminal value (81% of EV)
2,168
Enterprise value
2,666
less net debt
49
less non-controlling interest
0
add non-operating investments
0
Equity value
2,715
÷ 16.28 crore shares
₹167
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
172
186
202
221
245
10.5%
159
170
183
198
217
11.0%
147
156
167
180
195
11.5%
136
144
153
164
177
12.0%
127
134
142
151
161
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
