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Model Note · JUSTDIAL LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JUSTDIAL LTD. Discounted cash flow · base FY24
JUSTDIAL LTD.
Value per share, this model₹560
CMP 2026-09-10₹669.90
Difference(16.3)%
Growth the CMP implies28.4%/yr
This note states the assumptions and the arithmetic of one model of JUSTDIAL LTD., built on its filed FY24 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
23.5% a year
FY24 23.5% · 5-yr CAGR 3.2%
EBITDA margin
20.8%
FY24 20.8% · 5-yr average 16.4%
Depreciation · capex, % of revenue
4.4% · 1.1%, fading to 1.2× depreciation
FY24 4.4% · 1.1%
Working capital, % of added revenue · tax
0% · 22.2%
-5 working-capital days · effective 22.2%
Discount rate
11.00%
1-yr beta 1.05
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(18) · ₹0 · ₹0 cr
FY24 net debt ₹(18) cr
Shares
8.51 crore
8.51 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
1,043
1,288
1,591
1,964
2,426
2,996
growth %
23.5
23.5
23.5
23.5
23.5
23.5
EBITDA
217
268
331
409
505
623
Depreciation
(46)
(57)
(70)
(86)
(107)
(132)
NOPAT
133
164
203
251
310
382
less capex
(11)
(14)
(34)
(63)
(103)
(158)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
207
239
274
314
356
Present value
196
204
211
218
223
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 · JUSTDIAL LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,052
PV of the terminal value (78% of EV)
3,697
Enterprise value
4,749
less net debt
18
less non-controlling interest
0
add non-operating investments
0
Equity value
4,767
÷ 8.51 crore shares
₹560
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
579
622
674
738
817
10.5%
534
570
612
663
726
11.0%
495
525
560
602
652
11.5%
461
487
517
551
592
12.0%
432
454
479
508
543
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
