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Model Note · USHA FINANCIAL SERVICES L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
USHA FINANCIAL SERVICES L Discounted cash flow · base FY26
USHA FINANCIAL SERVICES L
Value per share, this model₹289
CMP 2026-09-09₹50.00
Difference477.4%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of USHA FINANCIAL SERVICES L, 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
19.5% a year
FY26 19.3% · 5-yr CAGR —%
EBITDA margin
77.8%
FY26 77.8% · 5-yr average 77.8%
Depreciation · capex, % of revenue
2.2% · 2.4%, fading to 1.2× depreciation
FY26 2.2% · 2.4%
Working capital, % of added revenue · tax
0% · 26.5%
0 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 0.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
4.35 crore
4.35 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
71
85
102
121
145
173
growth %
19.3
19.5
19.5
19.5
19.5
19.5
EBITDA
55
66
79
94
113
135
Depreciation
(2)
(2)
(2)
(3)
(3)
(4)
NOPAT
40
47
56
67
81
96
less capex
(2)
(2)
(2)
(3)
(4)
(5)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
47
56
67
80
96
Present value
45
48
52
56
60
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 · USHA FINANCIAL SERVICES L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
260
PV of the terminal value (79% of EV)
992
Enterprise value
1,252
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
1,255
÷ 4.35 crore shares
₹289
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
298
321
348
382
424
10.5%
275
294
316
343
375
11.0%
254
270
289
311
337
11.5%
237
250
266
284
306
12.0%
221
233
246
261
279
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
