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Model Note · STRING METAVERSE LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STRING METAVERSE LIMITED Discounted cash flow · base FY26
STRING METAVERSE LIMITED
Value per share, this model₹37
CMP, 9 Oct 2026₹6.80
Difference449.3%
Growth the CMP implies(11.9)%/yr
This note states the assumptions and the arithmetic of one model of STRING METAVERSE 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
30% a year
FY26 162.4% · 5-yr CAGR —%
EBITDA margin
10.7%
FY26 10.7% · 5-yr average 12.0%
Depreciation · capex, % of revenue
1.7% · 1.9%, fading to 1.2× depreciation
FY26 1.7% · 1.9%
Working capital, % of added revenue · tax
0.1% · 1%
0 working-capital days · effective 1.0%
Discount rate
11.00%
1-yr beta 0.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(27) · ₹0 · ₹0 cr
FY26 net debt ₹(27) cr
Shares
116.43 crore
116.43 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
1,069
1,390
1,807
2,349
3,053
3,970
growth %
162.4
30.0
30.0
30.0
30.0
30.0
EBITDA
114
149
193
251
327
425
Depreciation
(18)
(24)
(31)
(40)
(52)
(67)
NOPAT
95
124
161
209
272
354
less capex
(20)
(26)
(35)
(46)
(61)
(81)
less working-capital build
—
(0)
(0)
(1)
(1)
(1)
Free cash flow to firm
—
121
156
202
262
339
Present value
115
134
156
182
212
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 · STRING METAVERSE LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
798
PV of the terminal value (82% of EV)
3,523
Enterprise value
4,322
less net debt
27
less non-controlling interest
0
add non-operating investments
0
Equity value
4,349
÷ 116.43 crore shares
₹37
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
39
42
45
50
55
10.5%
35
38
41
44
49
11.0%
33
35
37
40
44
11.5%
30
32
34
37
40
12.0%
28
30
32
34
36
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
