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Model Note · RAP CORP LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAP CORP LIMITED Discounted cash flow · base FY26
RAP CORP LIMITED
Value per share, this model₹1,441
CMP 2026-09-10₹32.40
Difference4349.1%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of RAP 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
62.4%
FY26 62.4% · 5-yr average 62.4%
Depreciation · capex, % of revenue
0.3% · 0%, fading to 1.2× depreciation
FY26 0.3% · 0.0%
Working capital, % of added revenue · tax
0.2% · -0.1%
1 working-capital days · effective (0.1)%
Discount rate
11.00%
1-yr beta 0.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.59 crore
0.59 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
68
73
79
85
92
100
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
42
46
49
53
58
62
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
42
46
49
53
57
62
less capex
(0)
0
(0)
(0)
(0)
(0)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
46
49
53
57
62
Present value
43
42
41
40
39
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 · RAP CORP LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
205
PV of the terminal value (76% of EV)
643
Enterprise value
848
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
848
÷ 0.59 crore shares
₹1,441
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,489
1,598
1,729
1,888
2,088
10.5%
1,375
1,465
1,572
1,700
1,857
11.0%
1,276
1,353
1,441
1,547
1,673
11.5%
1,192
1,256
1,331
1,418
1,522
12.0%
1,117
1,173
1,237
1,310
1,396
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
