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Model Note · TERA SOFTWARE LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TERA SOFTWARE LIMITED Discounted cash flow · base FY26
TERA SOFTWARE LIMITED
Value per share, this model₹553
CMP 2026-09-20₹247.20
Difference123.8%
Growth the CMP implies(4.6)%/yr
This note states the assumptions and the arithmetic of one model of TERA SOFTWARE 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 121.1% · 5-yr CAGR —%
EBITDA margin
15.4%
FY26 15.4% · 5-yr average 11.0%
Depreciation · capex, % of revenue
0.3% · 1.1%, fading to 1.2× depreciation
FY26 0.3% · 1.1%
Working capital, % of added revenue · tax
21.5% · 23.6%
79 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹34 · ₹0 · ₹0 cr
FY26 net debt ₹34 cr
Shares
1.25 crore
1.25 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
238
309
402
523
680
884
growth %
121.1
30.0
30.0
30.0
30.0
30.0
EBITDA
37
48
62
81
105
136
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
27
36
46
60
78
102
less capex
(3)
(3)
(4)
(4)
(4)
(3)
less working-capital build
—
(15)
(20)
(26)
(34)
(44)
Free cash flow to firm
—
18
24
32
43
58
Present value
17
21
25
30
36
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 · TERA SOFTWARE LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
128
PV of the terminal value (82% of EV)
598
Enterprise value
726
less net debt
(34)
less non-controlling interest
0
add non-operating investments
0
Equity value
692
÷ 1.25 crore shares
₹553
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
573
621
678
748
835
10.5%
523
563
610
666
735
11.0%
481
514
553
599
654
11.5%
444
473
505
543
589
12.0%
412
436
464
496
534
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
