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Model Note · VISA CHROME LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VISA CHROME LIMITED Discounted cash flow · base FY26
VISA CHROME LIMITED
Value per share, this model₹981
CMP 2026-09-20₹31.59
Difference3006.5%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of VISA CHROME LIMITED, 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
-1% a year
FY26 (0.9)% · 5-yr CAGR (10.5)%
EBITDA margin
196.4%
FY26 196.4% · 5-yr average 77.7%
Depreciation · capex, % of revenue
4.6% · 4.5%, fading to 1.2× depreciation
FY26 4.6% · 4.5%
Working capital, % of added revenue · tax
0% · 0%
-2 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 0.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹352 · ₹0 · ₹0 cr
FY26 net debt ₹352 cr
Shares
14.58 crore
14.58 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
562
556
550
545
539
534
growth %
(0.9)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
1,103
1,092
1,081
1,070
1,060
1,049
Depreciation
(26)
(26)
(25)
(25)
(25)
(25)
NOPAT
1,077
1,066
1,056
1,045
1,035
1,024
less capex
(25)
(25)
(26)
(27)
(28)
(29)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,067
1,055
1,043
1,031
1,019
Present value
1,013
902
803
716
637
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 · VISA CHROME LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,071
PV of the terminal value (72% of EV)
10,588
Enterprise value
14,659
less net debt
(352)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,307
÷ 14.58 crore shares
₹981
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,014
1,086
1,173
1,279
1,412
10.5%
937
997
1,068
1,154
1,258
11.0%
872
922
981
1,051
1,135
11.5%
815
858
908
966
1,034
12.0%
765
802
845
894
951
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
