UNICOMMERCE ESOLUTIONS L — valuation model

UNICOMMERCE ESOLUTIONS LUNIECOMIT - Services

₹71per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹71implied FY26 P/E 37.2× · EV/EBITDA 22.5×

Against CMP ₹83.11−14.1%close of 2026-09-10

Growth the CMP implies34.4%revenue, a year for 5 years, on your other inputs

Value after FY3177%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹55₹104

52-week rangetraded range, a fact not a value

₹79₹153

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	181
PV of terminal value	617
Enterprise value	798
less net debt	4
less non-controlling interest	0
add non-operating investments	0
Equity value	802
÷ 11.24 crore shares	₹71

77% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	74	79	86	94	104
10.50%	68	73	78	84	92
11.00%	63	67	71	77	83
11.50%	59	62	66	70	75
12.00%	55	58	61	65	69

The outlined cell is your model. Green figures sit above the CMP of ₹83.11; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	52 · 71 · 97
Draws below the CMP	73%
Rank correlation with revenue growth	+0.79
Rank correlation with ebitda margin	+0.43
Rank correlation with discount rate	−0.37

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	135	204	266	345	449	584	759
growth %	—	51.6	30.0	30.0	30.0	30.0	30.0
EBITDA	26	35	46	60	78	101	131
margin %	19.6	17.3	17.3	17.3	17.3	17.3	17.3
less depreciation	(7)	(10)	(13)	(17)	(22)	(29)	(37)
EBIT	19	25	33	43	56	72	94
less tax on EBIT		(7)	(10)	(12)	(16)	(21)	(27)
NOPAT		18	23	30	40	51	67
add depreciation	7	10	13	17	22	29	37
less capex	(0)	(1)	(1)	(6)	(14)	(26)	(45)
less working-capital build		—	0	0	0	0	0
Free cash flow to firm	28	—	36	42	48	54	59
Discount factor			0.949	0.855	0.770	0.694	0.625
Present value			34	35	37	37	37

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 0, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	25	33	43	56	72	94
Interest at 8% on debt		0	0	0	0	0
Profit before tax		33	43	56	72	94
Profit after tax	20	23	30	40	51	67
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	4	39	81	128	182	242
Working capital	(14)	(14)	(14)	(14)	(14)	(14)
Net block and other assets	281	269	258	250	247	255
Debt	0	0	0	0	0	0
Equity	193	216	247	286	338	405
Balance check	0	0	0	0	(0)	(0)
Cash flow
From operations		36	47	62	80	104
Investing (capex)		(1)	(6)	(14)	(26)	(45)
Financing (dividends)		0	0	0	0	0
Net change in cash		36	42	48	54	59
Free cash flow to equity		36	42	48	54	59

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	30%	17.3%	11.00%	5%	₹71	(14.1)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.