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Model Note · ITI LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ITI LTD Discounted cash flow · base FY26
ITI LTD
Value per share, this model₹45
CMP 2026-09-10₹263.00
Difference(82.7)%
Growth the CMP implies42.0%/yr
This note states the assumptions and the arithmetic of one model of ITI 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
-5% a year
FY26 (39.6)% · 5-yr CAGR (1.6)%
EBITDA margin
22.6%
FY26 22.6% · 5-yr average (1.7)%
Depreciation · capex, % of revenue
2.6% · 0.2%, fading to 1.2× depreciation
FY26 2.6% · 0.2%
Working capital, % of added revenue · tax
10.1% · 0%
37 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹741 · ₹0 · ₹0 cr
FY26 net debt ₹741 cr
Shares
96.29 crore
96.29 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
2,184
2,075
1,971
1,872
1,779
1,690
growth %
(39.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
493
469
445
423
402
382
Depreciation
(56)
(54)
(51)
(49)
(46)
(44)
NOPAT
436
415
394
374
356
338
less capex
(4)
(4)
(18)
(31)
(43)
(53)
less working-capital build
—
11
10
10
9
9
Free cash flow to firm
—
476
438
402
369
338
Present value
452
374
310
256
211
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 · ITI LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,603
PV of the terminal value (69% of EV)
3,512
Enterprise value
5,115
less net debt
(741)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,374
÷ 96.29 crore shares
₹45
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
47
51
55
60
67
10.5%
43
46
50
54
59
11.0%
40
42
45
49
53
11.5%
37
39
42
45
48
12.0%
35
36
39
41
44
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
