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Model Note · U P HOTELS LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
U P HOTELS LTD. Discounted cash flow · base FY26
U P HOTELS LTD.
Value per share, this model₹893
CMP, 9 Oct 2026₹1,600.00
Difference(44.2)%
Growth the CMP implies20.9%/yr
This note states the assumptions and the arithmetic of one model of U P HOTELS LTD., built on its filed FY26 standalone 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
6% a year
FY26 5.8% · 5-yr CAGR 37.5%
EBITDA margin
26.3%
FY26 26.3% · 5-yr average 25.9%
Depreciation · capex, % of revenue
3.8% · 8.3%, fading to 1.2× depreciation
FY26 3.8% · 8.3%
Working capital, % of added revenue · tax
1.1% · 25.4%
4 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(19) · ₹0 · ₹0 cr
FY26 net debt ₹(19) cr
Shares
0.54 crore
0.54 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
162
171
182
193
204
216
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
43
45
48
51
54
57
Depreciation
(6)
(7)
(7)
(7)
(8)
(8)
NOPAT
27
29
31
32
34
36
less capex
(13)
(14)
(13)
(12)
(11)
(10)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
21
24
27
31
35
Present value
20
20
21
21
22
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 · U P HOTELS LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
104
PV of the terminal value (78% of EV)
359
Enterprise value
463
less net debt
19
less non-controlling interest
0
add non-operating investments
0
Equity value
482
÷ 0.54 crore shares
₹893
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
921
988
1,067
1,164
1,286
10.5%
852
907
972
1,050
1,145
11.0%
792
839
893
957
1,033
11.5%
741
780
826
879
942
12.0%
696
730
768
813
865
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
