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Model Note · IIFL CAPITAL SERVICES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IIFL CAPITAL SERVICES LTD Discounted cash flow · base FY26
IIFL CAPITAL SERVICES LTD
Value per share, this model₹282
CMP 2026-09-10₹338.70
Difference(16.7)%
Growth the CMP implies5.0%/yr
This note states the assumptions and the arithmetic of one model of IIFL CAPITAL SERVICES 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
0.5% a year
FY26 0.6% · 5-yr CAGR 25.1%
EBITDA margin
35%
FY26 35.0% · 5-yr average 38.1%
Depreciation · capex, % of revenue
2.7% · 1.2%, fading to 1.2× depreciation
FY26 2.7% · 1.2%
Working capital, % of added revenue · tax
0% · 25.5%
0 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(425) · ₹0 · ₹0 cr
FY26 net debt ₹(425) cr
Shares
31.35 crore
31.35 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
2,420
2,432
2,444
2,457
2,469
2,481
growth %
0.6
0.5
0.5
0.5
0.5
0.5
EBITDA
848
851
856
860
864
868
Depreciation
(65)
(66)
(66)
(66)
(67)
(67)
NOPAT
583
585
588
591
594
597
less capex
(28)
(29)
(42)
(55)
(67)
(80)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
622
612
603
593
584
Present value
590
524
464
412
365
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 · IIFL CAPITAL SERVICES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,355
PV of the terminal value (72% of EV)
6,061
Enterprise value
8,416
less net debt
425
less non-controlling interest
0
add non-operating investments
0
Equity value
8,841
÷ 31.35 crore shares
₹282
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
291
310
333
361
397
10.5%
270
286
305
328
356
11.0%
253
266
282
301
323
11.5%
238
249
262
278
296
12.0%
225
234
246
259
274
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
