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Model Note · QUEST CAPITAL MARKETS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
QUEST CAPITAL MARKETS LIMITED Discounted cash flow · base FY21
QUEST CAPITAL MARKETS LIMITED
Value per share, this model₹652
CMP 2026-09-10₹250.00
Difference160.7%
Growth the CMP implies1.0%/yr
This note states the assumptions and the arithmetic of one model of QUEST CAPITAL MARKETS LIMITED, built on its filed FY21 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
30% a year
FY21 147.3% · 5-yr CAGR —%
EBITDA margin
45.3%
FY21 45.3% · 5-yr average 48.3%
Depreciation · capex, % of revenue
0.6% · 0%, fading to 1.2× depreciation
FY21 0.6% · 0.0%
Working capital, % of added revenue · tax
16.3% · 27.1%
60 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 0.74
After FY26
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(28) · ₹0 · ₹0 cr
FY21 net debt ₹(28) cr
Shares
1.00 crore
1.00 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY21
FY22
FY23
FY24
FY25
FY26
Revenue
46
60
78
101
131
170
growth %
147.3
30.0
30.0
30.0
30.0
30.0
EBITDA
21
27
35
46
59
77
Depreciation
(0)
(0)
(0)
(1)
(1)
(1)
NOPAT
15
19
25
33
43
56
less capex
0
0
(0)
(0)
(1)
(1)
less working-capital build
—
(2)
(3)
(4)
(5)
(6)
Free cash flow to firm
—
18
23
29
38
49
Present value
17
19
23
26
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 · QUEST CAPITAL MARKETS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
116
PV of the terminal value (81% of EV)
508
Enterprise value
624
less net debt
28
less non-controlling interest
0
add non-operating investments
0
Equity value
652
÷ 1.00 crore shares
₹652
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
673
724
785
859
952
10.5%
620
662
712
772
845
11.0%
575
610
652
701
759
11.5%
536
566
601
641
689
12.0%
502
528
557
591
631
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
