This note states the assumptions and the arithmetic of one model of TRIO MERCANTILE & TRADING 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
30% a year
FY26 66.8% · 5-yr CAGR (13.0)%
EBITDA margin
-27.2%
FY26 (27.2)% · 5-yr average (34.4)%
Depreciation · capex, % of revenue
0.1% · 0%, fading to 1.2× depreciation
FY26 0.1% · 0.0%
Working capital, % of added revenue · tax
0% · 25.17%
-31 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta -0.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
6.79 crore
6.79 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
3
4
5
6
8
10
growth %
66.8
30.0
30.0
30.0
30.0
30.0
EBITDA
(1)
(1)
(1)
(2)
(2)
(3)
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
(1)
(1)
(1)
(1)
(2)
(2)
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(1)
(1)
(1)
(2)
(2)
Present value
(1)
(1)
(1)
(1)
(1)
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 · TRIO MERCANTILE & TRADING LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(5)
PV of the terminal value (—% of EV)
(22)
Enterprise value
(27)
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
(28)
÷ 6.79 crore shares
₹(4)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(4)
(5)
(5)
(5)
(6)
10.5%
(4)
(4)
(4)
(5)
(5)
11.0%
(4)
(4)
(4)
(4)
(5)
11.5%
(3)
(4)
(4)
(4)
(4)
12.0%
(3)
(3)
(3)
(4)
(4)
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
