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Model Note · PRO FX TECH LIMITED · 28 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRO FX TECH LIMITED Discounted cash flow · base FY26
PRO FX TECH LIMITED
Value per share, this model₹136
CMP, 27 Oct 2026₹64.85
Difference109.4%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of PRO FX TECH LIMITED, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
11.5%
FY26 11.5% · 5-yr average 11.5%
Depreciation · capex, % of revenue
0.4% · 0%, fading to 1.2× depreciation
FY26 0.4% · 0.0%
Working capital, % of added revenue · tax
34.2% · 24.6%
125 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.08
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(31) · ₹0 · ₹0 cr
FY26 net debt ₹(31) cr
Shares
1.75 crore
1.75 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
177
191
206
223
240
260
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
20
22
24
26
28
30
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
15
16
17
19
20
22
less capex
0
0
(0)
(1)
(1)
(1)
less working-capital build
—
(5)
(5)
(6)
(6)
(7)
Free cash flow to firm
—
12
13
13
14
15
Present value
11
11
10
10
9
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 · PRO FX TECH LIMITED · 28 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
52
PV of the terminal value (75% of EV)
155
Enterprise value
207
less net debt
31
less non-controlling interest
0
add non-operating investments
0
Equity value
238
÷ 1.75 crore shares
₹136
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
140
149
159
172
188
10.5%
130
138
146
157
170
11.0%
122
129
136
144
155
11.5%
116
121
127
134
142
12.0%
110
114
119
125
132
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
