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Model Note · INDIA TOUR. DEV. CO. LTD. · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIA TOUR. DEV. CO. LTD. Discounted cash flow · base FY26
INDIA TOUR. DEV. CO. LTD.
Value per share, this model₹90
CMP 2026-09-10₹686.50
Difference(86.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDIA TOUR. DEV. CO. 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
-5% a year
FY26 (6.6)% · 5-yr CAGR 24.7%
EBITDA margin
17.1%
FY26 17.1% · 5-yr average 8.7%
Depreciation · capex, % of revenue
1.3% · 1.9%, fading to 1.2× depreciation
FY26 1.3% · 1.9%
Working capital, % of added revenue · tax
9.2% · 26.4%
34 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(54) · ₹0 · ₹0 cr
FY26 net debt ₹(54) cr
Shares
8.58 crore
8.58 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
533
506
481
457
434
412
growth %
(6.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
91
87
82
78
74
71
Depreciation
(7)
(7)
(6)
(6)
(6)
(5)
NOPAT
62
59
56
53
50
48
less capex
(10)
(10)
(9)
(8)
(7)
(6)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
58
56
53
51
49
Present value
55
48
41
35
31
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 · INDIA TOUR. DEV. CO. LTD. · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
210
PV of the terminal value (71% of EV)
508
Enterprise value
718
less net debt
54
less non-controlling interest
0
add non-operating investments
0
Equity value
772
÷ 8.58 crore shares
₹90
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
93
99
106
114
125
10.5%
86
91
97
104
113
11.0%
81
85
90
96
103
11.5%
76
80
84
89
94
12.0%
72
75
79
83
87
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
