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Model Note · URAVI DEFENCE &TECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
URAVI DEFENCE &TECH LTD Discounted cash flow · base FY26
URAVI DEFENCE &TECH LTD
Value per share, this model₹(1)
CMP 2026-09-10₹114.00
Difference(101.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of URAVI DEFENCE &TECH 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
-5% a year
FY26 (11.5)% · 5-yr CAGR —%
EBITDA margin
7.1%
FY26 7.1% · 5-yr average 10.2%
Depreciation · capex, % of revenue
4.9% · 4.7%, fading to 1.2× depreciation
FY26 4.9% · 4.7%
Working capital, % of added revenue · tax
87.9% · 54.2%
321 working-capital days · effective 54.2%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹23 · ₹0 · ₹0 cr
FY26 net debt ₹23 cr
Shares
1.14 crore
1.14 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
39
37
35
33
31
30
growth %
(11.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
3
3
2
2
2
2
Depreciation
(2)
(2)
(2)
(2)
(2)
(1)
NOPAT
0
0
0
0
0
0
less capex
(2)
(2)
(2)
(2)
(2)
(2)
less working-capital build
—
2
2
2
1
1
Free cash flow to firm
—
2
2
2
2
1
Present value
2
2
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 · URAVI DEFENCE &TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7
PV of the terminal value (67% of EV)
14
Enterprise value
21
less net debt
(23)
less non-controlling interest
0
add non-operating investments
0
Equity value
(2)
÷ 1.14 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
2
4
6
10.5%
(2)
(1)
0
2
3
11.0%
(3)
(2)
(1)
(0)
1
11.5%
(4)
(4)
(3)
(2)
(0)
12.0%
(5)
(5)
(4)
(3)
(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
