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Model Note · INTELLECT DESIGN ARENA · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INTELLECT DESIGN ARENA Discounted cash flow · base FY26
INTELLECT DESIGN ARENA
Value per share, this model₹366
CMP 2026-09-10₹684.00
Difference(46.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INTELLECT DESIGN ARENA, 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
21.5% a year
FY26 21.5% · 5-yr CAGR 15.2%
EBITDA margin
18.1%
FY26 18.1% · 5-yr average 21.1%
Depreciation · capex, % of revenue
6.9% · 7.2%, fading to 1.2× depreciation
FY26 6.9% · 7.2%
Working capital, % of added revenue · tax
14.6% · 25.6%
53 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(452) · ₹0 · ₹0 cr
FY26 net debt ₹(452) cr
Shares
14.02 crore
14.02 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
3,038
3,691
4,485
5,449
6,621
8,044
growth %
21.5
21.5
21.5
21.5
21.5
21.5
EBITDA
550
668
812
986
1,198
1,456
Depreciation
(209)
(255)
(309)
(376)
(457)
(555)
NOPAT
253
308
374
454
552
670
less capex
(220)
(266)
(335)
(422)
(530)
(666)
less working-capital build
—
(95)
(116)
(141)
(171)
(208)
Free cash flow to firm
—
201
232
268
307
351
Present value
191
199
206
213
220
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 · INTELLECT DESIGN ARENA · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,029
PV of the terminal value (78% of EV)
3,650
Enterprise value
4,679
less net debt
452
less non-controlling interest
0
add non-operating investments
0
Equity value
5,131
÷ 14.02 crore shares
₹366
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
377
403
434
472
520
10.5%
350
372
397
428
465
11.0%
327
345
366
391
421
11.5%
307
322
340
361
385
12.0%
289
302
317
335
355
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
