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Model Note · PANTH INFINITY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PANTH INFINITY LIMITED Discounted cash flow · base FY26
PANTH INFINITY LIMITED
Value per share, this model₹109
CMP 2026-09-10₹9.99
Difference988.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of PANTH INFINITY 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
14.9%
FY26 14.9% · 5-yr average 14.9%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
26.1% · 7.2%
95 working-capital days · effective 7.2%
Discount rate
11.00%
1-yr beta 0.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹75 · ₹0 · ₹0 cr
FY26 net debt ₹75 cr
Shares
5.52 crore
5.52 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
282
305
329
355
384
414
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
42
45
49
53
57
62
Depreciation
(0)
0
0
0
0
0
NOPAT
39
42
45
49
53
57
less capex
0
0
0
0
0
0
less working-capital build
—
(6)
(6)
(7)
(7)
(8)
Free cash flow to firm
—
36
39
42
46
49
Present value
34
33
33
32
31
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 · PANTH INFINITY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
163
PV of the terminal value (76% of EV)
512
Enterprise value
675
less net debt
(75)
less non-controlling interest
0
add non-operating investments
0
Equity value
600
÷ 5.52 crore shares
₹109
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
113
122
133
147
164
10.5%
103
111
120
131
144
11.0%
95
101
109
118
128
11.5%
88
93
99
107
116
12.0%
81
86
91
98
105
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
