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Model Note · INNOVATIVE TECH PACK LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INNOVATIVE TECH PACK LTD. Discounted cash flow · base FY20
INNOVATIVE TECH PACK LTD.
Value per share, this model₹51
CMP 2026-09-10₹14.50
Difference249.0%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of INNOVATIVE TECH PACK LTD., built on its filed FY20 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
4% a year
FY20 3.9% · 5-yr CAGR —%
EBITDA margin
15.8%
FY20 15.8% · 5-yr average 15.7%
Depreciation · capex, % of revenue
8% · 0%, fading to 1.2× depreciation
FY20 8.0% · 0.0%
Working capital, % of added revenue · tax
2.7% · 28.7%
10 working-capital days · effective 28.7%
Discount rate
11.00%
1-yr beta 0.82
After FY25
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18 · ₹0 · ₹0 cr
FY20 net debt ₹18 cr
Shares
2.25 crore
2.25 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
150
156
162
169
176
183
growth %
3.9
4.0
4.0
4.0
4.0
4.0
EBITDA
24
25
26
27
28
29
Depreciation
(12)
(12)
(13)
(14)
(14)
(15)
NOPAT
8
9
9
9
10
10
less capex
0
0
(4)
(8)
(13)
(18)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
21
18
15
11
7
Present value
20
15
11
8
4
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 · INNOVATIVE TECH PACK LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
59
PV of the terminal value (56% of EV)
73
Enterprise value
132
less net debt
(18)
less non-controlling interest
0
add non-operating investments
0
Equity value
114
÷ 2.25 crore shares
₹51
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
52
55
59
64
70
10.5%
49
51
55
58
63
11.0%
46
48
51
54
57
11.5%
43
45
47
50
53
12.0%
41
42
44
46
49
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
