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Model Note · ICRA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ICRA LIMITED Discounted cash flow · base FY26
ICRA LIMITED
Value per share, this model₹4,033
CMP 2026-09-10₹4,720.00
Difference(14.6)%
Growth the CMP implies25.2%/yr
This note states the assumptions and the arithmetic of one model of ICRA 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
20.5% a year
FY26 20.4% · 5-yr CAGR 14.8%
EBITDA margin
34.7%
FY26 34.7% · 5-yr average 34.9%
Depreciation · capex, % of revenue
4.7% · 2.1%, fading to 1.2× depreciation
FY26 4.7% · 2.1%
Working capital, % of added revenue · tax
10.8% · 27.1%
39 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(29) · ₹0 · ₹0 cr
FY26 net debt ₹(29) cr
Shares
0.97 crore
0.97 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
600
722
871
1,049
1,264
1,523
growth %
20.4
20.5
20.5
20.5
20.5
20.5
EBITDA
208
251
302
364
439
529
Depreciation
(28)
(34)
(41)
(49)
(59)
(72)
NOPAT
131
158
190
229
276
333
less capex
(12)
(15)
(26)
(41)
(60)
(86)
less working-capital build
—
(13)
(16)
(19)
(23)
(28)
Free cash flow to firm
—
164
189
219
253
291
Present value
155
162
169
175
182
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 · ICRA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
843
PV of the terminal value (78% of EV)
3,020
Enterprise value
3,863
less net debt
29
less non-controlling interest
0
add non-operating investments
0
Equity value
3,892
÷ 0.97 crore shares
₹4,033
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,167
4,479
4,853
5,310
5,882
10.5%
3,840
4,099
4,405
4,773
5,222
11.0%
3,560
3,778
4,033
4,333
4,694
11.5%
3,318
3,503
3,718
3,968
4,263
12.0%
3,106
3,266
3,448
3,658
3,904
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
