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Model Note · ROUTE MOBILE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ROUTE MOBILE LIMITED Discounted cash flow · base FY26
ROUTE MOBILE LIMITED
Value per share, this model₹596
CMP 2026-09-10₹493.50
Difference20.7%
Growth the CMP implies(13.3)%/yr
This note states the assumptions and the arithmetic of one model of ROUTE MOBILE 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
-3.5% a year
FY26 (3.7)% · 5-yr CAGR 25.7%
EBITDA margin
9.1%
FY26 9.1% · 5-yr average 11.3%
Depreciation · capex, % of revenue
2.1% · 0.6%, fading to 1.2× depreciation
FY26 2.1% · 0.6%
Working capital, % of added revenue · tax
9.4% · 27.2%
34 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(880) · ₹0 · ₹0 cr
FY26 net debt ₹(880) cr
Shares
6.30 crore
6.30 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
4,408
4,254
4,105
3,961
3,823
3,689
growth %
(3.7)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
401
387
374
360
348
336
Depreciation
(92)
(89)
(86)
(83)
(80)
(77)
NOPAT
226
217
209
202
195
188
less capex
(26)
(26)
(44)
(62)
(78)
(93)
less working-capital build
—
15
14
14
13
13
Free cash flow to firm
—
295
265
237
210
185
Present value
280
227
182
146
116
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 · ROUTE MOBILE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
951
PV of the terminal value (67% of EV)
1,922
Enterprise value
2,873
less net debt
880
less non-controlling interest
0
add non-operating investments
0
Equity value
3,753
÷ 6.30 crore shares
₹596
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
610
640
676
721
777
10.5%
577
603
632
668
712
11.0%
550
571
596
625
660
11.5%
526
544
565
589
618
12.0%
505
520
538
558
582
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
