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Model Note · INNOVANA THINKLABS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INNOVANA THINKLABS LTD Discounted cash flow · base FY26
INNOVANA THINKLABS LTD
Value per share, this model₹321
CMP 2026-09-10₹330.55
Difference(3.0)%
Growth the CMP implies29.7%/yr
This note states the assumptions and the arithmetic of one model of INNOVANA THINKLABS 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 27.9% · 5-yr CAGR —%
EBITDA margin
34.6%
FY26 34.6% · 5-yr average 44.4%
Depreciation · capex, % of revenue
8% · 5.1%, fading to 1.2× depreciation
FY26 8.0% · 5.1%
Working capital, % of added revenue · tax
33% · 25.5%
120 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
2.07 crore
2.07 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
132
169
217
277
355
455
growth %
27.9
28.0
28.0
28.0
28.0
28.0
EBITDA
46
59
75
96
123
157
Depreciation
(11)
(14)
(17)
(22)
(28)
(36)
NOPAT
26
34
43
55
70
90
less capex
(7)
(9)
(13)
(20)
(30)
(44)
less working-capital build
—
(12)
(16)
(20)
(26)
(33)
Free cash flow to firm
—
26
31
37
43
50
Present value
25
27
28
30
31
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 · INNOVANA THINKLABS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
141
PV of the terminal value (79% of EV)
519
Enterprise value
660
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
662
÷ 2.07 crore shares
₹321
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
331
356
386
423
469
10.5%
305
326
350
380
416
11.0%
283
300
321
345
374
11.5%
263
278
295
315
339
12.0%
246
259
274
291
310
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
