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Model Note · T & I GLOBAL LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
T & I GLOBAL LTD. Discounted cash flow · base FY26
T & I GLOBAL LTD.
Value per share, this model₹(578)
CMP 2026-09-10₹179.15
Difference(422.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of T & I GLOBAL 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
30% a year
FY26 49.6% · 5-yr CAGR 4.3%
EBITDA margin
4.5%
FY26 4.5% · 5-yr average 6.0%
Depreciation · capex, % of revenue
1% · 1%, fading to 1.2× depreciation
FY26 1.0% · 1.0%
Working capital, % of added revenue · tax
32.2% · 29.5%
118 working-capital days · effective 29.5%
Discount rate
11.00%
1-yr beta 0.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(14) · ₹0 · ₹0 cr
FY26 net debt ₹(14) cr
Shares
0.51 crore
0.51 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
126
164
213
277
361
469
growth %
49.6
30.0
30.0
30.0
30.0
30.0
EBITDA
6
7
10
12
16
21
Depreciation
(1)
(2)
(2)
(3)
(4)
(5)
NOPAT
3
4
5
7
9
12
less capex
(1)
(2)
(2)
(3)
(4)
(6)
less working-capital build
—
(12)
(16)
(21)
(27)
(35)
Free cash flow to firm
—
(8)
(11)
(14)
(18)
(24)
Present value
(8)
(9)
(11)
(13)
(15)
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 · T & I GLOBAL LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(56)
PV of the terminal value (—% of EV)
(251)
Enterprise value
(307)
less net debt
14
less non-controlling interest
0
add non-operating investments
0
Equity value
(293)
÷ 0.51 crore shares
₹(578)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(599)
(648)
(708)
(780)
(871)
10.5%
(547)
(588)
(637)
(695)
(766)
11.0%
(503)
(538)
(578)
(626)
(683)
11.5%
(465)
(494)
(528)
(568)
(615)
12.0%
(432)
(457)
(486)
(519)
(558)
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
