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Model Note · FRACTAL ANALYTICS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FRACTAL ANALYTICS LIMITED Discounted cash flow · base FY26
FRACTAL ANALYTICS LIMITED
Value per share, this model₹308
CMP 2026-09-10₹767.00
Difference(59.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FRACTAL ANALYTICS 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
15.1%
FY26 15.1% · 5-yr average 15.1%
Depreciation · capex, % of revenue
4.1% · 6.6%, fading to 1.2× depreciation
FY26 4.1% · 6.6%
Working capital, % of added revenue · tax
17.4% · 5.3%
64 working-capital days · effective 5.3%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹79 · ₹0 · ₹0 cr
FY26 net debt ₹79 cr
Shares
17.20 crore
17.20 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
3,300
3,564
3,849
4,157
4,489
4,848
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
497
538
581
628
678
732
Depreciation
(136)
(146)
(158)
(170)
(184)
(199)
NOPAT
342
371
401
433
468
505
less capex
(219)
(235)
(238)
(239)
(240)
(239)
less working-capital build
—
(46)
(50)
(54)
(58)
(62)
Free cash flow to firm
—
236
271
310
354
403
Present value
224
232
239
246
252
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 · FRACTAL ANALYTICS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,193
PV of the terminal value (78% of EV)
4,183
Enterprise value
5,376
less net debt
(79)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,297
÷ 17.20 crore shares
₹308
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
318
343
372
407
452
10.5%
293
313
337
366
400
11.0%
271
288
308
331
359
11.5%
252
267
283
303
326
12.0%
236
248
263
279
298
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
