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Model Note · JOINDRE CAPITAL SERVICES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JOINDRE CAPITAL SERVICES LTD. Discounted cash flow · base FY26
JOINDRE CAPITAL SERVICES LTD.
Value per share, this model₹140
CMP 2026-09-10₹49.00
Difference186.2%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of JOINDRE CAPITAL SERVICES 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 (16.7)% · 5-yr CAGR 7.4%
EBITDA margin
44.3%
FY26 44.3% · 5-yr average 25.1%
Depreciation · capex, % of revenue
1.5% · 0.8%, fading to 1.2× depreciation
FY26 1.5% · 0.8%
Working capital, % of added revenue · tax
0% · 16.3%
0 working-capital days · effective 16.3%
Discount rate
11.00%
1-yr beta 0.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(30) · ₹0 · ₹0 cr
FY26 net debt ₹(30) cr
Shares
1.38 crore
1.38 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
40
38
36
35
33
31
growth %
(16.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
18
17
16
15
15
14
Depreciation
(1)
(1)
(1)
(1)
(0)
(0)
NOPAT
14
14
13
12
12
11
less capex
(0)
(0)
(0)
(0)
(1)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
14
13
12
12
11
Present value
13
11
10
8
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 · JOINDRE CAPITAL SERVICES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
49
PV of the terminal value (70% of EV)
115
Enterprise value
164
less net debt
30
less non-controlling interest
0
add non-operating investments
0
Equity value
194
÷ 1.38 crore shares
₹140
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
144
152
162
174
190
10.5%
135
142
150
160
172
11.0%
128
134
140
148
158
11.5%
121
126
132
138
146
12.0%
116
120
125
130
137
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
