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Model Note · IZMO LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IZMO LIMITED Discounted cash flow · base FY26
IZMO LIMITED
Value per share, this model₹147
CMP 2026-09-10₹910.50
Difference(83.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of IZMO 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
27% a year
FY26 26.8% · 5-yr CAGR 19.7%
EBITDA margin
18.3%
FY26 18.3% · 5-yr average 18.5%
Depreciation · capex, % of revenue
6.1% · 8.6%, fading to 1.2× depreciation
FY26 6.1% · 8.6%
Working capital, % of added revenue · tax
42.6% · 0.4%
155 working-capital days · effective 0.4%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
1.50 crore
1.50 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
285
362
459
584
741
941
growth %
26.8
27.0
27.0
27.0
27.0
27.0
EBITDA
52
66
84
107
136
172
Depreciation
(17)
(22)
(28)
(36)
(45)
(57)
NOPAT
34
44
56
71
90
114
less capex
(25)
(31)
(38)
(46)
(57)
(69)
less working-capital build
—
(33)
(42)
(53)
(67)
(85)
Free cash flow to firm
—
2
4
7
12
18
Present value
2
4
6
8
11
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 · IZMO LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
30
PV of the terminal value (86% of EV)
183
Enterprise value
213
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
220
÷ 1.50 crore shares
₹147
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
152
165
179
197
219
10.5%
140
150
162
176
194
11.0%
129
137
147
159
173
11.5%
119
127
135
145
156
12.0%
111
118
125
133
142
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
