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Model Note · XCHANGING SOLUTIONS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
XCHANGING SOLUTIONS LTD Discounted cash flow · base FY26
XCHANGING SOLUTIONS LTD
Value per share, this model₹124
CMP 2026-09-10₹62.50
Difference97.6%
Growth the CMP implies(11.2)%/yr
This note states the assumptions and the arithmetic of one model of XCHANGING SOLUTIONS 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
9.5% a year
FY26 9.7% · 5-yr CAGR 0.7%
EBITDA margin
33.8%
FY26 33.8% · 5-yr average 29.7%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
0.5% · 22.5%
2 working-capital days · effective 22.5%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(240) · ₹0 · ₹0 cr
FY26 net debt ₹(240) cr
Shares
11.14 crore
11.14 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
203
222
243
266
292
319
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
69
75
82
90
99
108
Depreciation
(0)
0
0
0
0
0
NOPAT
53
58
64
70
76
84
less capex
0
0
0
0
0
0
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
58
64
70
76
84
Present value
55
54
54
53
52
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 · XCHANGING SOLUTIONS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
268
PV of the terminal value (76% of EV)
868
Enterprise value
1,136
less net debt
240
less non-controlling interest
0
add non-operating investments
0
Equity value
1,376
÷ 11.14 crore shares
₹124
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
127
135
144
155
170
10.5%
119
125
133
142
153
11.0%
112
117
124
131
140
11.5%
106
110
116
122
129
12.0%
100
104
109
114
120
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
