The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · VALIANT COMMUNICATIONS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VALIANT COMMUNICATIONS LTD. Discounted cash flow · base FY26
VALIANT COMMUNICATIONS LTD.
Value per share, this model₹589
CMP 2026-09-10₹1,310.00
Difference(55.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VALIANT COMMUNICATIONS 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 66.9% · 5-yr CAGR 31.4%
EBITDA margin
35.6%
FY26 35.6% · 5-yr average 14.9%
Depreciation · capex, % of revenue
3.4% · 5.4%, fading to 1.2× depreciation
FY26 3.4% · 5.4%
Working capital, % of added revenue · tax
30.6% · 24.7%
112 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.61
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(16) · ₹0 · ₹0 cr
FY26 net debt ₹(16) 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
85
110
143
186
242
315
growth %
66.9
30.0
30.0
30.0
30.0
30.0
EBITDA
30
39
51
66
86
112
Depreciation
(3)
(4)
(5)
(6)
(8)
(11)
NOPAT
21
27
35
45
59
76
less capex
(5)
(6)
(7)
(9)
(11)
(13)
less working-capital build
—
(8)
(10)
(13)
(17)
(22)
Free cash flow to firm
—
17
22
30
39
52
Present value
16
19
23
27
33
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 · VALIANT COMMUNICATIONS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
117
PV of the terminal value (82% of EV)
540
Enterprise value
658
less net debt
16
less non-controlling interest
0
add non-operating investments
0
Equity value
674
÷ 1.14 crore shares
₹589
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
609
656
712
781
867
10.5%
559
599
645
700
768
11.0%
517
550
589
634
689
11.5%
481
509
541
579
624
12.0%
449
473
501
533
570
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
