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Model Note · IND-AGIV COMMERCE LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IND-AGIV COMMERCE LTD. Discounted cash flow · base FY25
IND-AGIV COMMERCE LTD.
Value per share, this model₹(33)
CMP 2026-09-09₹36.50
Difference(191.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of IND-AGIV COMMERCE LTD., built on its filed FY25 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
-5% a year
FY25 (56.4)% · 5-yr CAGR (21.4)%
EBITDA margin
-16.2%
FY25 (16.2)% · 5-yr average (18.0)%
Depreciation · capex, % of revenue
0.8% · 0%, fading to 1.2× depreciation
FY25 0.8% · 0.0%
Working capital, % of added revenue · tax
107.2% · 25.17%
391 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.31
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7 · ₹0 · ₹0 cr
FY25 net debt ₹7 cr
Shares
0.31 crore
0.31 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
4
4
4
3
3
3
growth %
(56.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(1)
(1)
(1)
(1)
(1)
(0)
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
(0)
(0)
(0)
(0)
(0)
(0)
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(0)
(0)
(0)
(0)
(0)
Present value
(0)
(0)
(0)
(0)
(0)
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 · IND-AGIV COMMERCE LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1)
PV of the terminal value (—% of EV)
(2)
Enterprise value
(3)
less net debt
(7)
less non-controlling interest
0
add non-operating investments
0
Equity value
(10)
÷ 0.31 crore shares
₹(33)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(34)
(34)
(35)
(36)
(38)
10.5%
(33)
(33)
(34)
(35)
(36)
11.0%
(32)
(33)
(33)
(34)
(35)
11.5%
(32)
(32)
(32)
(33)
(34)
12.0%
(31)
(31)
(32)
(32)
(33)
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
