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Model Note · USHA MARTIN EDU & SOL LTD · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
USHA MARTIN EDU & SOL LTD Discounted cash flow · base FY26
USHA MARTIN EDU & SOL LTD
Value per share, this model₹7
CMP, 28 Oct 2026₹4.30
Difference70.3%
Growth the CMP implies15.9%/yr
This note states the assumptions and the arithmetic of one model of USHA MARTIN EDU & SOL 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
30% a year
FY26 67.9% · 5-yr CAGR 8.3%
EBITDA margin
47.4%
FY26 47.4% · 5-yr average 25.9%
Depreciation · capex, % of revenue
0.3% · 0.1%, fading to 1.2× depreciation
FY26 0.3% · 0.1%
Working capital, % of added revenue · tax
0% · 1.1%
-2 working-capital days · effective 1.1%
Discount rate
11.00%
1-yr beta 0.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹0 cr
Shares
2.64 crore
2.64 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
1
1
1
2
3
3
growth %
67.9
30.0
30.0
30.0
30.0
30.0
EBITDA
0
1
1
1
1
2
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
1
1
1
1
2
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
1
1
2
Present value
1
1
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 · USHA MARTIN EDU & SOL LTD · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4
PV of the terminal value (82% of EV)
16
Enterprise value
19
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
19
÷ 2.64 crore shares
₹7
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
8
8
9
10
11
10.5%
7
7
8
9
10
11.0%
6
7
7
8
9
11.5%
6
6
7
7
8
12.0%
6
6
6
7
7
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
