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Model Note · FORBES & COMPANY LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FORBES & COMPANY LTD. Discounted cash flow · base FY26
FORBES & COMPANY LTD.
Value per share, this model₹53
CMP 2026-09-10₹316.00
Difference(83.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FORBES & COMPANY 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
-5% a year
FY26 (61.8)% · 5-yr CAGR (51.6)%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average (6.3)%
Depreciation · capex, % of revenue
3.8% · 2.8%, fading to 1.2× depreciation
FY26 3.8% · 2.8%
Working capital, % of added revenue · tax
4% · 23.1%
15 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 0.48
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
1.29 crore
1.29 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
76
72
69
65
62
59
growth %
(61.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
10
10
9
9
8
8
Depreciation
(3)
(3)
(3)
(2)
(2)
(2)
NOPAT
6
5
5
5
5
4
less capex
(2)
(2)
(2)
(2)
(3)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
6
6
5
4
4
Present value
6
5
4
3
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 · FORBES & COMPANY LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
20
PV of the terminal value (67% of EV)
41
Enterprise value
61
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
68
÷ 1.29 crore shares
₹53
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
54
58
61
66
72
10.5%
51
54
57
61
65
11.0%
48
50
53
56
60
11.5%
46
48
50
52
55
12.0%
43
45
47
49
52
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
