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Model Note · QUESS CORP LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
QUESS CORP LIMITED Discounted cash flow · base FY26
QUESS CORP LIMITED
Value per share, this model₹258
CMP 2026-09-10₹346.40
Difference(25.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of QUESS CORP 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
2.5% a year
FY26 2.3% · 5-yr CAGR 7.1%
EBITDA margin
2%
FY26 2.0% · 5-yr average 2.9%
Depreciation · capex, % of revenue
0.3% · 0%, fading to 1.2× depreciation
FY26 0.3% · 0.0%
Working capital, % of added revenue · tax
5.1% · 3.3%
19 working-capital days · effective 3.3%
Discount rate
11.00%
1-yr beta 1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(178) · ₹0 · ₹0 cr
FY26 net debt ₹(178) cr
Shares
14.94 crore
14.94 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
15,305
15,688
16,080
16,482
16,894
17,316
growth %
2.3
2.5
2.5
2.5
2.5
2.5
EBITDA
304
314
322
330
338
346
Depreciation
(42)
(47)
(48)
(49)
(51)
(52)
NOPAT
254
258
264
271
278
285
less capex
0
0
(14)
(30)
(46)
(62)
less working-capital build
—
(20)
(20)
(21)
(21)
(22)
Free cash flow to firm
—
285
278
270
262
253
Present value
271
238
208
182
158
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 · QUESS CORP LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,057
PV of the terminal value (71% of EV)
2,625
Enterprise value
3,681
less net debt
178
less non-controlling interest
0
add non-operating investments
0
Equity value
3,859
÷ 14.94 crore shares
₹258
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
266
284
305
330
363
10.5%
248
262
279
300
325
11.0%
232
244
258
275
296
11.5%
218
229
241
255
271
12.0%
206
215
225
237
251
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
