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Model Note · SONATA SOFTWARE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SONATA SOFTWARE LTD Discounted cash flow · base FY26
SONATA SOFTWARE LTD
Value per share, this model₹255
CMP 2026-09-10₹265.50
Difference(3.9)%
Growth the CMP implies6.5%/yr
This note states the assumptions and the arithmetic of one model of SONATA SOFTWARE LTD, 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
5.5% a year
FY26 5.4% · 5-yr CAGR 20.4%
EBITDA margin
6.3%
FY26 6.3% · 5-yr average 7.2%
Depreciation · capex, % of revenue
1% · 0.7%, fading to 1.2× depreciation
FY26 1.0% · 0.7%
Working capital, % of added revenue · tax
0.8% · 26%
3 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹196 · ₹0 · ₹0 cr
FY26 net debt ₹196 cr
Shares
27.68 crore
27.68 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
10,701
11,290
11,911
12,566
13,257
13,986
growth %
5.4
5.5
5.5
5.5
5.5
5.5
EBITDA
678
711
750
792
835
881
Depreciation
(104)
(113)
(119)
(126)
(133)
(140)
NOPAT
425
443
467
493
520
549
less capex
(70)
(79)
(98)
(119)
(143)
(168)
less working-capital build
—
(5)
(5)
(5)
(6)
(6)
Free cash flow to firm
—
472
483
494
504
515
Present value
448
413
380
350
322
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 · SONATA SOFTWARE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,913
PV of the terminal value (74% of EV)
5,346
Enterprise value
7,259
less net debt
(196)
less non-controlling interest
0
add non-operating investments
0
Equity value
7,063
÷ 27.68 crore shares
₹255
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
264
283
306
334
370
10.5%
243
259
278
301
329
11.0%
226
239
255
274
296
11.5%
211
222
236
251
269
12.0%
198
208
219
232
247
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
