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Model Note · TBO TEK LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TBO TEK LIMITED Discounted cash flow · base FY26
TBO TEK LIMITED
Value per share, this model₹1,028
CMP 2026-09-10₹1,680.80
Difference(38.8)%
Growth the CMP implies44.9%/yr
This note states the assumptions and the arithmetic of one model of TBO TEK 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 54.1% · 5-yr CAGR —%
EBITDA margin
13.9%
FY26 13.9% · 5-yr average 16.2%
Depreciation · capex, % of revenue
3.2% · 0.5%, fading to 1.2× depreciation
FY26 3.2% · 0.5%
Working capital, % of added revenue · tax
0% · 16.7%
-15 working-capital days · effective 16.7%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(377) · ₹0 · ₹0 cr
FY26 net debt ₹(377) cr
Shares
10.86 crore
10.86 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
2,677
3,481
4,525
5,882
7,647
9,941
growth %
54.1
30.0
30.0
30.0
30.0
30.0
EBITDA
372
484
629
818
1,063
1,382
Depreciation
(86)
(111)
(145)
(188)
(245)
(318)
NOPAT
238
310
403
524
682
886
less capex
(13)
(17)
(60)
(128)
(230)
(382)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
404
488
585
697
822
Present value
384
417
451
483
514
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 · TBO TEK LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,249
PV of the terminal value (79% of EV)
8,542
Enterprise value
10,790
less net debt
377
less non-controlling interest
0
add non-operating investments
0
Equity value
11,167
÷ 10.86 crore shares
₹1,028
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,062
1,140
1,234
1,349
1,493
10.5%
980
1,045
1,122
1,214
1,327
11.0%
910
964
1,028
1,104
1,195
11.5%
849
895
949
1,012
1,086
12.0%
796
836
882
935
996
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
