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Model Note · INDIABULLS LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIABULLS LIMITED Discounted cash flow · base FY26
INDIABULLS LIMITED
Value per share, this model₹29
CMP 2026-09-10₹26.14
Difference10.2%
Growth the CMP implies4.7%/yr
This note states the assumptions and the arithmetic of one model of INDIABULLS 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
8% a year
FY26 —% · 5-yr CAGR 37.7%
EBITDA margin
25.4%
FY26 25.4% · 5-yr average (8949.8)%
Depreciation · capex, % of revenue
4.4% · 4.4%, fading to 1.2× depreciation
FY26 4.4% · 4.4%
Working capital, % of added revenue · tax
44.6% · -93.1%
163 working-capital days · effective (93.1)%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(336) · ₹0 · ₹0 cr
FY26 net debt ₹(336) cr
Shares
223.86 crore
223.86 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
833
900
972
1,050
1,134
1,225
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
212
229
247
267
288
311
Depreciation
(37)
(40)
(43)
(46)
(50)
(54)
NOPAT
338
365
394
426
460
497
less capex
(36)
(40)
(45)
(51)
(57)
(65)
less working-capital build
—
(30)
(32)
(35)
(37)
(40)
Free cash flow to firm
—
335
360
386
415
445
Present value
318
308
298
288
278
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 · INDIABULLS LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,490
PV of the terminal value (76% of EV)
4,625
Enterprise value
6,115
less net debt
336
less non-controlling interest
0
add non-operating investments
0
Equity value
6,451
÷ 223.86 crore shares
₹29
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
30
32
34
37
41
10.5%
28
29
31
34
37
11.0%
26
27
29
31
33
11.5%
24
25
27
28
30
12.0%
23
24
25
26
28
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
