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Model Note · XTGLOBAL INFOTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
XTGLOBAL INFOTECH LIMITED Discounted cash flow · base FY26
XTGLOBAL INFOTECH LIMITED
Value per share, this model₹32
CMP 2026-09-10₹29.50
Difference7.5%
Growth the CMP implies26.6%/yr
This note states the assumptions and the arithmetic of one model of XTGLOBAL INFOTECH 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
30% a year
FY26 57.5% · 5-yr CAGR 15.3%
EBITDA margin
7.2%
FY26 7.2% · 5-yr average 10.2%
Depreciation · capex, % of revenue
1.7% · 1.9%, fading to 1.2× depreciation
FY26 1.7% · 1.9%
Working capital, % of added revenue · tax
7.4% · 14.9%
27 working-capital days · effective 14.9%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹35 · ₹0 · ₹0 cr
FY26 net debt ₹35 cr
Shares
13.41 crore
13.41 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
369
479
623
810
1,053
1,369
growth %
57.5
30.0
30.0
30.0
30.0
30.0
EBITDA
26
35
45
58
76
99
Depreciation
(6)
(8)
(11)
(14)
(18)
(23)
NOPAT
17
22
29
38
49
64
less capex
(7)
(9)
(12)
(16)
(21)
(28)
less working-capital build
—
(8)
(11)
(14)
(18)
(23)
Free cash flow to firm
—
13
17
22
28
36
Present value
13
15
17
19
23
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 · XTGLOBAL INFOTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
86
PV of the terminal value (81% of EV)
374
Enterprise value
460
less net debt
(35)
less non-controlling interest
0
add non-operating investments
0
Equity value
425
÷ 13.41 crore shares
₹32
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
33
36
39
43
48
10.5%
30
32
35
38
42
11.0%
28
29
32
34
38
11.5%
25
27
29
31
34
12.0%
23
25
27
28
31
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
