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Model Note · LTM LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LTM LIMITED Discounted cash flow · base FY26
LTM LIMITED
Value per share, this model₹2,945
CMP 2026-09-10₹4,312.00
Difference(31.7)%
Growth the CMP implies25.8%/yr
This note states the assumptions and the arithmetic of one model of LTM 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
11.5% a year
FY26 11.3% · 5-yr CAGR 27.9%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 17.9%
Depreciation · capex, % of revenue
2.5% · 2.2%, fading to 1.2× depreciation
FY26 2.5% · 2.2%
Working capital, % of added revenue · tax
12.7% · 26.6%
46 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2,331) · ₹0 · ₹0 cr
FY26 net debt ₹(2,331) cr
Shares
29.60 crore
29.60 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
42,308
47,173
52,598
58,647
65,391
72,911
growth %
11.3
11.5
11.5
11.5
11.5
11.5
EBITDA
7,027
7,831
8,731
9,735
10,855
12,103
Depreciation
(1,054)
(1,179)
(1,315)
(1,466)
(1,635)
(1,823)
NOPAT
4,384
4,882
5,444
6,070
6,768
7,546
less capex
(931)
(1,038)
(1,262)
(1,525)
(1,831)
(2,187)
less working-capital build
—
(618)
(689)
(768)
(857)
(955)
Free cash flow to firm
—
4,406
4,807
5,243
5,715
6,226
Present value
4,182
4,111
4,039
3,966
3,893
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 · LTM LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
20,190
PV of the terminal value (76% of EV)
64,662
Enterprise value
84,852
less net debt
2,331
less non-controlling interest
0
add non-operating investments
0
Equity value
87,183
÷ 29.60 crore shares
₹2,945
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,040
3,258
3,519
3,838
4,237
10.5%
2,811
2,992
3,206
3,463
3,776
11.0%
2,615
2,768
2,945
3,155
3,407
11.5%
2,446
2,575
2,725
2,900
3,106
12.0%
2,298
2,409
2,536
2,683
2,855
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
