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Model Note · PARTY CRUISERS LIMITED · 31 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PARTY CRUISERS LIMITED Discounted cash flow · base FY26
PARTY CRUISERS LIMITED
Value per share, this model₹409
CMP, 29 Oct 2026₹92.00
Difference345.1%
Growth the CMP implies(14.7)%/yr
This note states the assumptions and the arithmetic of one model of PARTY CRUISERS 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
26% a year
FY26 26.0% · 5-yr CAGR —%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 10.5%
Depreciation · capex, % of revenue
0% · 0.7%, fading to 1.2× depreciation
FY26 0.0% · 0.7%
Working capital, % of added revenue · tax
1.7% · 27%
6 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(21) · ₹0 · ₹0 cr
FY26 net debt ₹(21) cr
Shares
1.20 crore
1.20 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
147
185
233
294
370
466
growth %
26.0
26.0
26.0
26.0
26.0
26.0
EBITDA
17
21
26
33
42
53
Depreciation
0
0
0
0
0
0
NOPAT
12
15
19
24
31
38
less capex
(1)
(1)
(1)
(1)
(1)
0
less working-capital build
—
(1)
(1)
(1)
(1)
(2)
Free cash flow to firm
—
13
17
22
29
37
Present value
13
15
17
20
23
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 · PARTY CRUISERS LIMITED · 31 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
87
PV of the terminal value (81% of EV)
382
Enterprise value
470
less net debt
21
less non-controlling interest
0
add non-operating investments
0
Equity value
491
÷ 1.20 crore shares
₹409
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
423
455
493
540
598
10.5%
390
416
447
485
531
11.0%
361
384
409
440
477
11.5%
337
356
377
403
433
12.0%
315
331
350
372
397
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
