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Model Note · TANLA PLATFORMS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TANLA PLATFORMS LIMITED Discounted cash flow · base FY26
TANLA PLATFORMS LIMITED
Value per share, this model₹779
CMP 2026-09-10₹504.00
Difference54.5%
Growth the CMP implies(3.8)%/yr
This note states the assumptions and the arithmetic of one model of TANLA PLATFORMS 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
9.5% a year
FY26 9.7% · 5-yr CAGR 13.5%
EBITDA margin
16.4%
FY26 16.4% · 5-yr average 18.3%
Depreciation · capex, % of revenue
2.8% · 0.2%, fading to 1.2× depreciation
FY26 2.8% · 0.2%
Working capital, % of added revenue · tax
7% · 19.7%
26 working-capital days · effective 19.7%
Discount rate
11.00%
1-yr beta 1.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(748) · ₹0 · ₹0 cr
FY26 net debt ₹(748) cr
Shares
13.26 crore
13.26 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
4,418
4,837
5,297
5,800
6,351
6,955
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
724
793
869
951
1,042
1,141
Depreciation
(122)
(135)
(148)
(162)
(178)
(195)
NOPAT
483
528
578
633
694
759
less capex
(11)
(10)
(52)
(103)
(163)
(234)
less working-capital build
—
(29)
(32)
(35)
(39)
(42)
Free cash flow to firm
—
625
642
657
670
678
Present value
593
549
506
465
424
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 · TANLA PLATFORMS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,537
PV of the terminal value (74% of EV)
7,045
Enterprise value
9,582
less net debt
748
less non-controlling interest
0
add non-operating investments
0
Equity value
10,330
÷ 13.26 crore shares
₹779
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
802
855
919
996
1,093
10.5%
747
790
842
905
981
11.0%
699
736
779
830
891
11.5%
657
689
725
768
818
12.0%
621
648
679
715
757
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
