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Model Note · PACE E-COMMERCE VENTURES LIMIT · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PACE E-COMMERCE VENTURES LIMIT Discounted cash flow · base FY26
PACE E-COMMERCE VENTURES LIMIT
Value per share, this model₹(16)
CMP, 8 Oct 2026₹14.89
Difference(210.7)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of PACE E-COMMERCE VENTURES LIMIT, built on its filed FY26 standalone 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
30% a year
FY26 38.7% · 5-yr CAGR —%
EBITDA margin
5.6%
FY26 5.6% · 5-yr average 5.9%
Depreciation · capex, % of revenue
0.8% · 0%, fading to 1.2× depreciation
FY26 0.8% · 0.0%
Working capital, % of added revenue · tax
17.2% · 24.4%
63 working-capital days · effective 24.4%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹17 · ₹0 · ₹0 cr
FY26 net debt ₹17 cr
Shares
2.25 crore
2.25 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
100
130
169
220
286
371
growth %
38.7
30.0
30.0
30.0
30.0
30.0
EBITDA
6
7
9
12
16
21
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
4
5
6
8
10
13
less capex
0
0
(0)
(1)
(2)
(4)
less working-capital build
—
(5)
(7)
(9)
(11)
(15)
Free cash flow to firm
—
1
0
(0)
(1)
(2)
Present value
1
0
(0)
(1)
(1)
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 · PACE E-COMMERCE VENTURES LIMIT · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1)
PV of the terminal value (—% of EV)
(19)
Enterprise value
(20)
less net debt
(17)
less non-controlling interest
0
add non-operating investments
0
Equity value
(37)
÷ 2.25 crore shares
₹(16)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(17)
(18)
(19)
(20)
(22)
10.5%
(16)
(17)
(17)
(18)
(20)
11.0%
(15)
(16)
(16)
(17)
(18)
11.5%
(15)
(15)
(16)
(16)
(17)
12.0%
(14)
(14)
(15)
(15)
(16)
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
