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Model Note · INDIAN TONERS & DEVELOPERS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAN TONERS & DEVELOPERS LTD Discounted cash flow · base FY22
INDIAN TONERS & DEVELOPERS LTD
Value per share, this model₹520
CMP 2026-09-10₹46.99
Difference1005.8%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of INDIAN TONERS & DEVELOPERS LTD, built on its filed FY22 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
FY22 34.6% · 5-yr CAGR —%
EBITDA margin
21%
FY22 21.0% · 5-yr average 17.7%
Depreciation · capex, % of revenue
3.5% · 7.6%, fading to 1.2× depreciation
FY22 3.5% · 7.6%
Working capital, % of added revenue · tax
18.2% · 17.9%
67 working-capital days · effective 17.9%
Discount rate
11.00%
1-yr beta —
After FY27
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(20) · ₹0 · ₹0 cr
FY22 net debt ₹(20) cr
Shares
1.04 crore
1.04 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY22
FY23
FY24
FY25
FY26
FY27
Revenue
120
155
202
263
342
444
growth %
34.6
30.0
30.0
30.0
30.0
30.0
EBITDA
25
33
42
55
72
93
Depreciation
(4)
(5)
(7)
(9)
(12)
(16)
NOPAT
17
22
29
38
49
64
less capex
(9)
(12)
(14)
(16)
(17)
(19)
less working-capital build
—
(7)
(8)
(11)
(14)
(19)
Free cash flow to firm
—
9
14
20
29
42
Present value
9
12
16
20
26
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 · INDIAN TONERS & DEVELOPERS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
83
PV of the terminal value (84% of EV)
437
Enterprise value
520
less net debt
20
less non-controlling interest
0
add non-operating investments
0
Equity value
540
÷ 1.04 crore shares
₹520
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
537
579
629
691
767
10.5%
493
528
569
619
679
11.0%
456
485
520
560
608
11.5%
424
449
478
511
551
12.0%
396
417
442
470
503
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
