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Model Note · INTL CONVEYORS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INTL CONVEYORS LIMITED Discounted cash flow · base FY26
INTL CONVEYORS LIMITED
Value per share, this model₹165
CMP 2026-09-10₹78.68
Difference109.1%
Growth the CMP implies8.7%/yr
This note states the assumptions and the arithmetic of one model of INTL CONVEYORS LIMITED, 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
30% a year
FY26 40.4% · 5-yr CAGR 4.7%
EBITDA margin
18.9%
FY26 18.9% · 5-yr average 14.4%
Depreciation · capex, % of revenue
0.7% · 1.5%, fading to 1.2× depreciation
FY26 0.7% · 1.5%
Working capital, % of added revenue · tax
11.8% · 23.2%
43 working-capital days · effective 23.2%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹64 · ₹0 · ₹0 cr
FY26 net debt ₹64 cr
Shares
6.38 crore
6.38 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
213
277
360
468
609
791
growth %
40.4
30.0
30.0
30.0
30.0
30.0
EBITDA
40
52
68
88
115
150
Depreciation
(2)
(2)
(3)
(3)
(4)
(6)
NOPAT
30
39
50
65
85
111
less capex
(3)
(4)
(5)
(5)
(6)
(7)
less working-capital build
—
(8)
(10)
(13)
(17)
(22)
Free cash flow to firm
—
29
38
50
67
88
Present value
27
33
39
46
55
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 · INTL CONVEYORS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
200
PV of the terminal value (82% of EV)
913
Enterprise value
1,114
less net debt
(64)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,050
÷ 6.38 crore shares
₹165
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
171
185
202
223
249
10.5%
156
168
182
198
219
11.0%
143
153
165
178
195
11.5%
132
140
150
162
175
12.0%
122
130
138
148
159
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
