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Model Note · INDIQUBE SPACES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIQUBE SPACES LIMITED Discounted cash flow · base FY26
INDIQUBE SPACES LIMITED
Value per share, this model₹74
CMP 2026-09-10₹201.51
Difference(63.2)%
Growth the CMP implies44.3%/yr
This note states the assumptions and the arithmetic of one model of INDIQUBE SPACES 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 —%
EBITDA margin
60.7%
FY26 60.7% · 5-yr average 60.7%
Depreciation · capex, % of revenue
44.5% · 28.5%, fading to 1.2× depreciation
FY26 44.5% · 28.5%
Working capital, % of added revenue · tax
2.3% · 25.17%
9 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹218 · ₹0 · ₹0 cr
FY26 net debt ₹218 cr
Shares
21.20 crore
21.20 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
1,451
1,567
1,692
1,828
1,974
2,132
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
881
951
1,027
1,109
1,198
1,294
Depreciation
(645)
(697)
(753)
(813)
(878)
(949)
NOPAT
177
190
205
222
239
258
less capex
(414)
(447)
(588)
(748)
(931)
(1,138)
less working-capital build
—
(3)
(3)
(3)
(3)
(4)
Free cash flow to firm
—
438
368
283
183
65
Present value
416
314
218
127
41
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 · INDIQUBE SPACES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,116
PV of the terminal value (38% of EV)
676
Enterprise value
1,792
less net debt
(218)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,574
÷ 21.20 crore shares
₹74
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
76
79
83
88
94
10.5%
73
75
78
82
87
11.0%
69
72
74
77
81
11.5%
67
69
71
73
76
12.0%
64
66
68
70
72
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
