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Model Note · I S T LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
I S T LTD. Discounted cash flow · base FY26
I S T LTD.
Value per share, this model₹930
CMP 2026-09-10₹642.00
Difference44.8%
Growth the CMP implies(0.1)%/yr
This note states the assumptions and the arithmetic of one model of I S T 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
9.5% a year
FY26 9.7% · 5-yr CAGR (1.6)%
EBITDA margin
59.2%
FY26 59.2% · 5-yr average 66.1%
Depreciation · capex, % of revenue
4.6% · 2.6%, fading to 1.2× depreciation
FY26 4.6% · 2.6%
Working capital, % of added revenue · tax
16.2% · 23%
59 working-capital days · effective 23.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(5) cr
Shares
1.17 crore
1.17 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
126
138
151
166
181
199
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
75
82
90
98
107
118
Depreciation
(6)
(6)
(7)
(8)
(8)
(9)
NOPAT
53
58
64
70
76
83
less capex
(3)
(4)
(5)
(7)
(9)
(11)
less working-capital build
—
(2)
(2)
(2)
(3)
(3)
Free cash flow to firm
—
59
63
68
73
79
Present value
56
54
53
51
49
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 · I S T LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
263
PV of the terminal value (76% of EV)
819
Enterprise value
1,082
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
1,087
÷ 1.17 crore shares
₹930
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
960
1,030
1,114
1,216
1,344
10.5%
887
945
1,013
1,095
1,196
11.0%
824
873
930
997
1,078
11.5%
769
811
859
915
981
12.0%
722
758
798
845
900
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
