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Model Note · INDO COUNT INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDO COUNT INDUSTRIES LTD Discounted cash flow · base FY26
INDO COUNT INDUSTRIES LTD
Value per share, this model₹57
CMP 2026-09-10₹442.15
Difference(87.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDO COUNT INDUSTRIES 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
0% a year
FY26 (0.2)% · 5-yr CAGR 10.5%
EBITDA margin
9.5%
FY26 9.5% · 5-yr average 13.7%
Depreciation · capex, % of revenue
3.8% · 4.9%, fading to 1.2× depreciation
FY26 3.8% · 4.9%
Working capital, % of added revenue · tax
33.6% · 23.8%
123 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹960 · ₹0 · ₹0 cr
FY26 net debt ₹960 cr
Shares
19.81 crore
19.81 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
4,141
4,141
4,141
4,141
4,141
4,141
growth %
(0.2)
0.0
0.0
0.0
0.0
0.0
EBITDA
392
393
393
393
393
393
Depreciation
(159)
(157)
(157)
(157)
(157)
(157)
NOPAT
177
180
180
180
180
180
less capex
(202)
(203)
(199)
(196)
(192)
(189)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
134
138
141
145
148
Present value
127
118
109
101
93
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 · INDO COUNT INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
548
PV of the terminal value (74% of EV)
1,541
Enterprise value
2,089
less net debt
(960)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,129
÷ 19.81 crore shares
₹57
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
60
68
77
89
103
10.5%
52
59
66
75
87
11.0%
45
51
57
64
73
11.5%
39
44
49
55
63
12.0%
34
38
42
48
54
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
