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Model Note · TRAVEL FOOD SERVICES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TRAVEL FOOD SERVICES LTD Discounted cash flow · base FY26
TRAVEL FOOD SERVICES LTD
Value per share, this model₹541
CMP 2026-09-10₹1,252.00
Difference(56.8)%
Growth the CMP implies30.2%/yr
This note states the assumptions and the arithmetic of one model of TRAVEL FOOD SERVICES 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
39.4%
FY26 39.4% · 5-yr average 39.4%
Depreciation · capex, % of revenue
9.1% · 2.3%, fading to 1.2× depreciation
FY26 9.1% · 2.3%
Working capital, % of added revenue · tax
0% · 27.1%
-17 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 0.59
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(48) · ₹0 · ₹0 cr
FY26 net debt ₹(48) cr
Shares
13.17 crore
13.17 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
1,648
1,780
1,922
2,076
2,242
2,421
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
649
701
757
818
883
954
Depreciation
(150)
(162)
(175)
(189)
(204)
(220)
NOPAT
363
393
425
459
495
535
less capex
(39)
(41)
(86)
(137)
(196)
(264)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
514
514
510
503
491
Present value
488
439
393
349
307
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 · TRAVEL FOOD SERVICES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,976
PV of the terminal value (72% of EV)
5,096
Enterprise value
7,073
less net debt
48
less non-controlling interest
0
add non-operating investments
0
Equity value
7,121
÷ 13.17 crore shares
₹541
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
558
597
643
699
770
10.5%
517
549
587
633
688
11.0%
482
509
541
578
623
11.5%
452
475
502
532
569
12.0%
426
445
468
494
524
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
