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Model Note · T T LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
T T LIMITED Discounted cash flow · base FY26
T T LIMITED
Value per share, this model₹(0)
CMP 2026-09-10₹6.70
Difference(102.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of T T 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
-5% a year
FY26 (10.7)% · 5-yr CAGR (13.4)%
EBITDA margin
5.7%
FY26 5.7% · 5-yr average 7.7%
Depreciation · capex, % of revenue
1% · 0%, fading to 1.2× depreciation
FY26 1.0% · 0.0%
Working capital, % of added revenue · tax
57.2% · 91.7%
209 working-capital days · effective 91.7%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹79 · ₹0 · ₹0 cr
FY26 net debt ₹79 cr
Shares
25.83 crore
25.83 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
192
182
173
164
156
148
growth %
(10.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
11
10
10
9
9
8
Depreciation
(2)
(2)
(2)
(2)
(2)
(1)
NOPAT
1
1
1
1
1
1
less capex
0
0
(1)
(1)
(1)
(2)
less working-capital build
—
5
5
5
5
4
Free cash flow to firm
—
8
7
6
5
5
Present value
8
6
5
4
3
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 T LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
25
PV of the terminal value (66% of EV)
49
Enterprise value
74
less net debt
(79)
less non-controlling interest
0
add non-operating investments
0
Equity value
(5)
÷ 25.83 crore shares
₹(0)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(0)
0
0
1
1
10.5%
(0)
(0)
0
0
1
11.0%
(0)
(0)
(0)
0
0
11.5%
(1)
(1)
(0)
(0)
(0)
12.0%
(1)
(1)
(1)
(0)
(0)
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
