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Model Note · ZEE LEARN LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZEE LEARN LIMITED Discounted cash flow · base FY26
ZEE LEARN LIMITED
Value per share, this model₹25
CMP 2026-09-10₹6.80
Difference271.1%
Growth the CMP implies(9.3)%/yr
This note states the assumptions and the arithmetic of one model of ZEE LEARN 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
18% a year
FY26 18.0% · 5-yr CAGR 11.3%
EBITDA margin
29.9%
FY26 29.9% · 5-yr average 2.4%
Depreciation · capex, % of revenue
10% · 2.9%, fading to 1.2× depreciation
FY26 10.0% · 2.9%
Working capital, % of added revenue · tax
11.9% · 43.2%
43 working-capital days · effective 43.2%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹282 · ₹0 · ₹0 cr
FY26 net debt ₹282 cr
Shares
32.77 crore
32.77 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
439
518
611
721
851
1,004
growth %
18.0
18.0
18.0
18.0
18.0
18.0
EBITDA
131
155
183
216
255
300
Depreciation
(44)
(52)
(61)
(72)
(85)
(100)
NOPAT
50
59
69
82
96
114
less capex
(13)
(15)
(32)
(54)
(83)
(121)
less working-capital build
—
(9)
(11)
(13)
(15)
(18)
Free cash flow to firm
—
86
88
87
83
75
Present value
82
75
67
58
47
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 · ZEE LEARN LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
328
PV of the terminal value (70% of EV)
781
Enterprise value
1,109
less net debt
(282)
less non-controlling interest
0
add non-operating investments
0
Equity value
827
÷ 32.77 crore shares
₹25
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
26
29
32
35
39
10.5%
24
26
28
31
34
11.0%
22
23
25
28
30
11.5%
20
21
23
25
27
12.0%
18
19
21
22
24
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
