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Model Note · Novus Loyalty Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Novus Loyalty Limited Discounted cash flow · base FY26
Novus Loyalty Limited
Value per share, this model₹119
CMP 2026-09-10₹208.00
Difference(42.6)%
Growth the CMP implies24.7%/yr
This note states the assumptions and the arithmetic of one model of Novus Loyalty 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
9.7%
FY26 9.7% · 5-yr average 9.7%
Depreciation · capex, % of revenue
0.2% · 0%, fading to 1.2× depreciation
FY26 0.2% · 0.0%
Working capital, % of added revenue · tax
4.1% · 24.6%
15 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
1.56 crore
1.56 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
127
138
149
161
173
187
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
12
13
14
16
17
18
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
9
10
11
11
12
13
less capex
(0)
0
(0)
(0)
(0)
(0)
less working-capital build
—
(0)
(0)
(0)
(1)
(1)
Free cash flow to firm
—
10
10
11
12
13
Present value
9
9
9
8
8
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 · Novus Loyalty Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
43
PV of the terminal value (76% of EV)
133
Enterprise value
176
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
186
÷ 1.56 crore shares
₹119
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
123
132
142
154
170
10.5%
114
121
130
140
152
11.0%
106
112
119
128
137
11.5%
100
105
111
118
126
12.0%
94
98
103
109
116
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
