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Model Note · INDO THAI SEC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDO THAI SEC LTD Discounted cash flow · base FY26
INDO THAI SEC LTD
Value per share, this model₹247
CMP 2026-09-10₹41.17
Difference500.1%
Growth the CMP implies(13.0)%/yr
This note states the assumptions and the arithmetic of one model of INDO THAI SEC 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
30% a year
FY26 294.2% · 5-yr CAGR 36.5%
EBITDA margin
82.9%
FY26 82.9% · 5-yr average 27.1%
Depreciation · capex, % of revenue
0.6% · 1.6%, fading to 1.2× depreciation
FY26 0.6% · 1.6%
Working capital, % of added revenue · tax
0% · 20.5%
0 working-capital days · effective 20.5%
Discount rate
11.00%
1-yr beta 0.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
12.96 crore
12.96 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
104
135
175
228
296
385
growth %
294.2
30.0
30.0
30.0
30.0
30.0
EBITDA
86
112
145
189
246
320
Depreciation
(1)
(1)
(1)
(1)
(2)
(2)
NOPAT
68
88
115
149
194
252
less capex
(2)
(2)
(2)
(3)
(3)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
87
113
148
193
252
Present value
83
97
114
134
157
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 THAI SEC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
585
PV of the terminal value (82% of EV)
2,614
Enterprise value
3,199
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
3,202
÷ 12.96 crore shares
₹247
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
256
276
300
329
366
10.5%
235
251
271
295
324
11.0%
217
231
247
266
290
11.5%
201
213
227
243
262
12.0%
187
198
210
223
239
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
