The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · IITL PROJECTS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IITL PROJECTS LIMITED Discounted cash flow · base FY24
IITL PROJECTS LIMITED
Value per share, this model₹2,343
CMP 2026-09-07₹49.00
Difference4681.6%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of IITL PROJECTS LIMITED, built on its filed FY24 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
FY24 75.2% · 5-yr CAGR 33.8%
EBITDA margin
999.2%
FY24 999.2% · 5-yr average (378.4)%
Depreciation · capex, % of revenue
0.1% · 0%, fading to 1.2× depreciation
FY24 0.1% · 0.0%
Working capital, % of added revenue · tax
29% · 0%
106 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta -0.44
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY24 net debt ₹(0) cr
Shares
0.50 crore
0.50 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
3
3
4
5
7
9
growth %
75.2
30.0
30.0
30.0
30.0
30.0
EBITDA
25
33
42
55
71
93
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
25
33
42
55
71
93
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
(0)
(0)
(0)
(0)
(1)
Free cash flow to firm
—
32
42
55
71
92
Present value
31
36
42
49
58
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 · IITL PROJECTS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
216
PV of the terminal value (82% of EV)
958
Enterprise value
1,173
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
1,173
÷ 0.50 crore shares
₹2,343
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,424
2,614
2,843
3,122
3,472
10.5%
2,224
2,383
2,570
2,795
3,069
11.0%
2,054
2,187
2,343
2,527
2,747
11.5%
1,907
2,020
2,151
2,304
2,485
12.0%
1,778
1,876
1,987
2,116
2,266
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
