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Model Note · UPDATER SERVICES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UPDATER SERVICES LIMITED Discounted cash flow · base FY26
UPDATER SERVICES LIMITED
Value per share, this model₹113
CMP 2026-09-10₹207.00
Difference(45.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UPDATER SERVICES LIMITED, 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
7.5% a year
FY26 7.4% · 5-yr CAGR —%
EBITDA margin
4.4%
FY26 4.4% · 5-yr average 5.3%
Depreciation · capex, % of revenue
1.6% · 0.7%, fading to 1.2× depreciation
FY26 1.6% · 0.7%
Working capital, % of added revenue · tax
18.6% · 13.8%
68 working-capital days · effective 13.8%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(208) · ₹0 · ₹0 cr
FY26 net debt ₹(208) cr
Shares
6.70 crore
6.70 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
2,940
3,160
3,397
3,652
3,926
4,220
growth %
7.4
7.5
7.5
7.5
7.5
7.5
EBITDA
129
139
149
161
173
186
Depreciation
(47)
(51)
(54)
(58)
(63)
(68)
NOPAT
71
76
82
88
95
102
less capex
(19)
(22)
(34)
(48)
(63)
(81)
less working-capital build
—
(41)
(44)
(47)
(51)
(55)
Free cash flow to firm
—
64
58
51
43
34
Present value
60
50
40
30
21
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 · UPDATER SERVICES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
201
PV of the terminal value (63% of EV)
349
Enterprise value
550
less net debt
208
less non-controlling interest
0
add non-operating investments
0
Equity value
758
÷ 6.70 crore shares
₹113
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
116
121
127
135
144
10.5%
110
114
119
126
133
11.0%
105
109
113
118
124
11.5%
101
104
108
112
117
12.0%
98
100
103
107
111
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
