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Model Note · INTERNATIONAL TRAVEL HOUSE LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INTERNATIONAL TRAVEL HOUSE LTD Discounted cash flow · base FY26
INTERNATIONAL TRAVEL HOUSE LTD
Value per share, this model₹213
CMP 2026-09-20₹296.00
Difference(28.1)%
Growth the CMP implies9.8%/yr
This note states the assumptions and the arithmetic of one model of INTERNATIONAL TRAVEL HOUSE 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
-1.5% a year
FY26 (1.7)% · 5-yr CAGR 31.3%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 9.7%
Depreciation · capex, % of revenue
3.8% · 8.2%, fading to 1.2× depreciation
FY26 3.8% · 8.2%
Working capital, % of added revenue · tax
6.5% · 26.4%
24 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 0.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(19) · ₹0 · ₹0 cr
FY26 net debt ₹(19) cr
Shares
0.80 crore
0.80 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
232
228
225
221
218
215
growth %
(1.7)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
28
28
27
27
26
26
Depreciation
(9)
(9)
(9)
(8)
(8)
(8)
NOPAT
14
14
14
14
13
13
less capex
(19)
(19)
(16)
(14)
(12)
(10)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
4
6
8
10
12
Present value
4
5
6
7
7
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 · INTERNATIONAL TRAVEL HOUSE LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
30
PV of the terminal value (80% of EV)
122
Enterprise value
151
less net debt
19
less non-controlling interest
0
add non-operating investments
0
Equity value
170
÷ 0.80 crore shares
₹213
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
219
234
252
275
302
10.5%
203
216
231
249
270
11.0%
190
200
213
227
245
11.5%
178
187
197
210
224
12.0%
168
175
184
195
206
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
