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Model Note · INFO EDGE (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INFO EDGE (I) LTD Discounted cash flow · base FY26
INFO EDGE (I) LTD
Value per share, this model₹380
CMP 2026-09-10₹1,250.80
Difference(69.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INFO EDGE (I) 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
15.5% a year
FY26 15.3% · 5-yr CAGR 24.0%
EBITDA margin
36.9%
FY26 36.9% · 5-yr average 167.7%
Depreciation · capex, % of revenue
3.7% · 2.3%, fading to 1.2× depreciation
FY26 3.7% · 2.3%
Working capital, % of added revenue · tax
0% · 16.9%
-12 working-capital days · effective 16.9%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(365) · ₹0 · ₹0 cr
FY26 net debt ₹(365) cr
Shares
64.84 crore
64.84 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
3,285
3,794
4,382
5,061
5,846
6,752
growth %
15.3
15.5
15.5
15.5
15.5
15.5
EBITDA
1,211
1,400
1,617
1,868
2,157
2,491
Depreciation
(123)
(140)
(162)
(187)
(216)
(250)
NOPAT
904
1,047
1,209
1,396
1,613
1,863
less capex
(75)
(87)
(124)
(171)
(228)
(300)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,100
1,247
1,413
1,601
1,813
Present value
1,044
1,066
1,089
1,111
1,133
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 · INFO EDGE (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,443
PV of the terminal value (78% of EV)
18,826
Enterprise value
24,269
less net debt
365
less non-controlling interest
0
add non-operating investments
0
Equity value
24,634
÷ 64.84 crore shares
₹380
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
392
421
456
498
552
10.5%
362
386
415
449
490
11.0%
336
356
380
408
441
11.5%
314
331
351
374
401
12.0%
294
309
326
345
368
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
