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Model Note · THACKER & CO. LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THACKER & CO. LTD. Discounted cash flow · base FY26
THACKER & CO. LTD.
Value per share, this model₹47
CMP, 8 Oct 2026₹935.00
Difference(95.0)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of THACKER & CO. LTD., 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 (24.1)% · 5-yr CAGR (15.3)%
EBITDA margin
74.2%
FY26 74.2% · 5-yr average 65.2%
Depreciation · capex, % of revenue
50.7% · 0%, fading to 1.2× depreciation
FY26 50.7% · 0.0%
Working capital, % of added revenue · tax
4.2% · 20.5%
15 working-capital days · effective 20.5%
Discount rate
11.00%
1-yr beta 1.53
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
0.11 crore
0.11 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
2
2
2
2
2
growth %
(24.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
2
2
2
1
1
1
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
0
0
0
0
0
0
less capex
0
0
(0)
(1)
(1)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2
1
1
0
0
Present value
1
1
1
0
0
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 · THACKER & CO. LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3
PV of the terminal value (32% of EV)
2
Enterprise value
5
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
5
÷ 0.11 crore shares
₹47
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
48
49
51
53
56
10.5%
46
47
49
51
53
11.0%
45
46
47
48
50
11.5%
43
44
45
46
48
12.0%
42
43
44
45
46
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
