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Model Note · TCC CONCEPT LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TCC CONCEPT LIMITED Discounted cash flow · base FY26
TCC CONCEPT LIMITED
Value per share, this model₹524
CMP 2026-09-21₹47.70
Difference998.5%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of TCC CONCEPT 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 115.6% · 5-yr CAGR —%
EBITDA margin
54.3%
FY26 54.3% · 5-yr average 57.4%
Depreciation · capex, % of revenue
26.9% · 0%, fading to 1.2× depreciation
FY26 26.9% · 0.0%
Working capital, % of added revenue · tax
1.7% · -19.2%
6 working-capital days · effective (19.2)%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
4.75 crore
4.75 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
179
233
303
394
512
666
growth %
115.6
30.0
30.0
30.0
30.0
30.0
EBITDA
97
127
165
214
278
362
Depreciation
(48)
(63)
(82)
(106)
(138)
(179)
NOPAT
59
76
99
129
167
218
less capex
0
0
(24)
(64)
(124)
(215)
less working-capital build
—
(1)
(1)
(2)
(2)
(3)
Free cash flow to firm
—
138
155
170
179
179
Present value
131
132
131
124
112
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 · TCC CONCEPT LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
630
PV of the terminal value (75% of EV)
1,860
Enterprise value
2,490
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
2,490
÷ 4.75 crore shares
₹524
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
541
580
627
684
756
10.5%
500
532
571
617
673
11.0%
465
492
524
562
607
11.5%
434
458
484
516
553
12.0%
408
428
451
477
508
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
