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Model Note · UNITED LEASING & INDUSTRIES LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNITED LEASING & INDUSTRIES LT Discounted cash flow · base FY26
UNITED LEASING & INDUSTRIES LT
Value per share, this model₹(1)
CMP 2026-08-23₹32.50
Difference(104.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNITED LEASING & INDUSTRIES LT, 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
-5% a year
FY26 (9.1)% · 5-yr CAGR 46.0%
EBITDA margin
13.2%
FY26 13.2% · 5-yr average 15.5%
Depreciation · capex, % of revenue
8.5% · 2.6%, fading to 1.2× depreciation
FY26 8.5% · 2.6%
Working capital, % of added revenue · tax
78.2% · 59.1%
286 working-capital days · effective 59.1%
Discount rate
11.00%
1-yr beta -0.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5 · ₹0 · ₹0 cr
FY26 net debt ₹5 cr
Shares
0.30 crore
0.30 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
7
7
6
6
6
6
growth %
(9.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1
1
1
1
1
1
Depreciation
(1)
(1)
(1)
(1)
(0)
(0)
NOPAT
0
0
0
0
0
0
less capex
(0)
(0)
(0)
(0)
(0)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
0
0
0
Present value
1
1
0
0
0
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 · UNITED LEASING & INDUSTRIES LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2
PV of the terminal value (54% of EV)
2
Enterprise value
5
less net debt
(5)
less non-controlling interest
0
add non-operating investments
0
Equity value
(0)
÷ 0.30 crore shares
₹(1)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(1)
(0)
1
2
4
10.5%
(2)
(1)
(0)
1
2
11.0%
(3)
(2)
(1)
(1)
0
11.5%
(3)
(3)
(2)
(2)
(1)
12.0%
(4)
(3)
(3)
(2)
(2)
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
