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Model Note · INDUS TOWERS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDUS TOWERS LIMITED Discounted cash flow · base FY26
INDUS TOWERS LIMITED
Value per share, this model₹499
CMP 2026-09-10₹388.00
Difference28.7%
Growth the CMP implies1.7%/yr
This note states the assumptions and the arithmetic of one model of INDUS TOWERS 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 7.9% · 5-yr CAGR 18.4%
EBITDA margin
55.9%
FY26 55.9% · 5-yr average 52.3%
Depreciation · capex, % of revenue
22% · 26.5%, fading to 1.2× depreciation
FY26 22.0% · 26.5%
Working capital, % of added revenue · tax
7.1% · 25.6%
26 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹874 · ₹0 · ₹0 cr
FY26 net debt ₹874 cr
Shares
263.81 crore
263.81 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
32,493
35,093
37,900
40,932
44,207
47,743
growth %
7.9
8.0
8.0
8.0
8.0
8.0
EBITDA
18,155
19,617
21,186
22,881
24,711
26,688
Depreciation
(7,141)
(7,720)
(8,338)
(9,005)
(9,725)
(10,503)
NOPAT
8,194
8,851
9,559
10,324
11,150
12,042
less capex
(8,626)
(9,300)
(10,034)
(10,827)
(11,682)
(12,604)
less working-capital build
—
(185)
(199)
(215)
(232)
(251)
Free cash flow to firm
—
7,087
7,664
8,287
8,961
9,690
Present value
6,727
6,553
6,384
6,219
6,058
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 · INDUS TOWERS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
31,941
PV of the terminal value (76% of EV)
1,00,632
Enterprise value
1,32,573
less net debt
(874)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,31,699
÷ 263.81 crore shares
₹499
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
516
554
599
655
725
10.5%
476
507
545
590
644
11.0%
442
468
499
536
580
11.5%
412
435
461
491
527
12.0%
386
406
428
453
483
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
