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Model Note · TIPS MUSIC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TIPS MUSIC LIMITED Discounted cash flow · base FY26
TIPS MUSIC LIMITED
Value per share, this model₹525
CMP 2026-09-10₹660.30
Difference(20.5)%
Growth the CMP implies27.2%/yr
This note states the assumptions and the arithmetic of one model of TIPS MUSIC 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
21% a year
FY26 20.9% · 5-yr CAGR 32.9%
EBITDA margin
73.4%
FY26 73.4% · 5-yr average 64.7%
Depreciation · capex, % of revenue
0.7% · 1.7%, fading to 1.2× depreciation
FY26 0.7% · 1.7%
Working capital, % of added revenue · tax
5.6% · 25.7%
21 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 0.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
12.78 crore
12.78 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
376
454
550
665
805
974
growth %
20.9
21.0
21.0
21.0
21.0
21.0
EBITDA
276
334
404
488
591
715
Depreciation
(3)
(3)
(4)
(5)
(6)
(7)
NOPAT
203
245
297
359
435
526
less capex
(6)
(8)
(8)
(8)
(8)
(8)
less working-capital build
—
(4)
(5)
(6)
(8)
(9)
Free cash flow to firm
—
236
287
349
424
515
Present value
224
246
269
294
322
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 · TIPS MUSIC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,356
PV of the terminal value (80% of EV)
5,351
Enterprise value
6,707
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
6,714
÷ 12.78 crore shares
₹525
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
543
585
635
696
772
10.5%
499
534
575
624
684
11.0%
462
491
525
565
614
11.5%
430
455
483
517
556
12.0%
401
423
447
475
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
