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Model Note · VERITAS (INDIA) LTD. · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VERITAS (INDIA) LTD. Discounted cash flow · base FY26
VERITAS (INDIA) LTD.
Value per share, this model₹255
CMP, 28 Oct 2026₹149.90
Difference70.0%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of VERITAS (INDIA) 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 (24.1)% · 5-yr CAGR 10.7%
EBITDA margin
2.7%
FY26 2.7% · 5-yr average 5.3%
Depreciation · capex, % of revenue
1.3% · 0%, fading to 1.2× depreciation
FY26 1.3% · 0.0%
Working capital, % of added revenue · tax
31.8% · -0.3%
116 working-capital days · effective (0.3)%
Discount rate
11.00%
1-yr beta 0.29
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹413 · ₹0 · ₹0 cr
FY26 net debt ₹413 cr
Shares
2.68 crore
2.68 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
3,113
2,957
2,809
2,669
2,535
2,408
growth %
(24.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
85
80
76
72
68
65
Depreciation
(41)
(38)
(37)
(35)
(33)
(31)
NOPAT
44
42
39
37
36
34
less capex
(0)
0
(11)
(21)
(30)
(38)
less working-capital build
—
49
47
45
42
40
Free cash flow to firm
—
129
112
96
81
68
Present value
123
96
74
56
42
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 · VERITAS (INDIA) LTD. · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
392
PV of the terminal value (64% of EV)
705
Enterprise value
1,096
less net debt
(413)
less non-controlling interest
0
add non-operating investments
0
Equity value
683
÷ 2.68 crore shares
₹255
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
267
293
325
363
411
10.5%
239
261
287
318
355
11.0%
215
234
255
280
310
11.5%
194
210
228
249
274
12.0%
176
190
205
223
243
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
