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Model Note · GRAVITY (INDIA) LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRAVITY (INDIA) LTD. Discounted cash flow · base FY26
GRAVITY (INDIA) LTD.
Value per share, this model₹448
CMP 2026-09-10₹12.82
Difference3393.3%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of GRAVITY (INDIA) 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
30% a year
FY26 14551.8% · 5-yr CAGR 137.7%
EBITDA margin
9.6%
FY26 9.6% · 5-yr average (112.9)%
Depreciation · capex, % of revenue
0.1% · 0.1%, fading to 1.2× depreciation
FY26 0.1% · 0.1%
Working capital, % of added revenue · tax
9.6% · 26.1%
35 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta -0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2 · ₹0 · ₹0 cr
FY26 net debt ₹2 cr
Shares
0.90 crore
0.90 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
179
233
303
394
512
665
growth %
14551.8
30.0
30.0
30.0
30.0
30.0
EBITDA
17
22
29
38
49
64
Depreciation
(0)
(0)
(0)
(0)
(1)
(1)
NOPAT
13
16
21
28
36
47
less capex
(0)
(0)
(0)
(0)
(1)
(1)
less working-capital build
—
(5)
(7)
(9)
(11)
(15)
Free cash flow to firm
—
11
15
19
25
32
Present value
11
12
15
17
20
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 · GRAVITY (INDIA) LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
75
PV of the terminal value (82% of EV)
331
Enterprise value
405
less net debt
(2)
less non-controlling interest
0
add non-operating investments
0
Equity value
403
÷ 0.90 crore shares
₹448
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
463
500
544
598
665
10.5%
425
456
491
535
587
11.0%
392
418
448
483
526
11.5%
364
386
411
440
475
12.0%
339
358
380
404
433
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
