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Model Note · INDO TECH TRANSFORM LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDO TECH TRANSFORM LTD. Discounted cash flow · base FY26
INDO TECH TRANSFORM LTD.
Value per share, this model₹1,160
CMP 2026-09-21₹3,349.00
Difference(65.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDO TECH TRANSFORM 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
28% a year
FY26 27.8% · 5-yr CAGR 30.6%
EBITDA margin
15.4%
FY26 15.4% · 5-yr average 10.8%
Depreciation · capex, % of revenue
0.6% · 4.4%, fading to 1.2× depreciation
FY26 0.6% · 4.4%
Working capital, % of added revenue · tax
33.2% · 25%
121 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(57) · ₹0 · ₹0 cr
FY26 net debt ₹(57) cr
Shares
1.06 crore
1.06 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
782
1,001
1,281
1,640
2,099
2,687
growth %
27.8
28.0
28.0
28.0
28.0
28.0
EBITDA
120
154
197
253
323
414
Depreciation
(5)
(6)
(8)
(10)
(13)
(16)
NOPAT
87
111
142
182
233
298
less capex
(34)
(44)
(45)
(42)
(34)
(19)
less working-capital build
—
(73)
(93)
(119)
(152)
(195)
Free cash flow to firm
—
0
12
31
59
100
Present value
0
10
24
41
62
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 TECH TRANSFORM LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
138
PV of the terminal value (88% of EV)
1,037
Enterprise value
1,175
less net debt
57
less non-controlling interest
0
add non-operating investments
0
Equity value
1,232
÷ 1.06 crore shares
₹1,160
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,200
1,297
1,414
1,557
1,736
10.5%
1,099
1,180
1,276
1,390
1,531
11.0%
1,013
1,081
1,160
1,254
1,367
11.5%
938
996
1,063
1,141
1,233
12.0%
873
923
980
1,046
1,122
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
