NSE · India · Software - Application

63 moons technologies limited 63MOONS.NS

Price ₹942.95Mkt cap 4,345 croreReports in INRData 2 Nov 2026

Value estimate · peers only––Fix the inputs flagged in the checks to get a value

DCF (base)–not meaningful with these inputs

Peers–3 peers · median EV/EBITDA 14.8x

Price implies–revenue growth a year; your case 26.8%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 97.3%
EBIT marginFY23–FY26 avg -173.7%
Tax rateFY23–FY26 avg 105.5%
D&A % of revenueFY23–FY26 avg 25.2%
Capex % of revenueFY23–FY26 avg 13.1%
Working capital % of revenue changeFY23–FY26 avg 63.4%

No usable consensus estimate: the first years start from history. The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 2.13 (R² 0.18)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 20.43%
Weight of equity: 99.9%
After-tax cost of debt: 5.34%
WACC: 20.41%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisNo consensus revenue estimate: the first forecast years start from history.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

The DCF can't value it with these inputs

Context
Your base case doesn't give a usable DCF value: the WACC must stay above terminal growth and the value must come out positive.
Caution
FY26 ended with no operating profit, so the whole price rests on a recovery or growth.
Context
Business health grade B (69 out of 100): shows a mixed picture, with 3 strengths and 5 red flags (top concern: loss-making).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	-₹47.88	-₹12.93	₹21.50
DCF sensitivity (WACC and g ±1 point)	-₹62.04	-₹12.93	₹25.18
Monte Carlo (middle 80% of 2,000 runs)	-₹68.60	-₹12.38	₹36.18
EV/EBITDA comps (25th to 75th percentile)	–	–	–
P/E comps (25th to 75th percentile)	–	–	–
52-week share price (trading range)	₹467	–	₹969

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeB69 / 100

Grade B (69/100): shows a mixed picture, with 3 strengths and 5 red flags (top concern: loss-making).

Piotroski F-score6 / 9nine tests of strength

Altman Z''20.85Safe zone · safe above 2.60

Beneish M-score−22.33No flag · cut-off −1.78

Red flags 5

Loss-making: a net loss of ₹22.4 crore in FY26.
Profit isn't turning into cash: operations produced −211% of reported profit over 4 years.
Operations used cash: operating cash flow was −₹293 crore in FY26.
Operating profit doesn't cover interest: EBIT was −₹310 crore against interest of ₹1.40 crore in FY26.
Customers are paying more slowly: receivables rose from 56 to 114 days of sales between FY23 and FY26.

Strengths 3

Comfortable balance sheet: Altman Z'' is 20.85, in the safe zone (above 2.60).
Net cash: cash exceeds all borrowings by ₹1,951 crore in FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −22.33, below the −1.78 cut-off.

Cash conversion Weak−211%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Weak-8.4%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong.

Return on equity Weak-0.6%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover WeakEBIT < 0EBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA GoodNet cashCash exceeds borrowings (including leases) by ₹1,951 crore.

Receivable days Weak114 daysReceivables ÷ revenue × 365. Up from 56 days in FY23; a rise of more than 20 days is a warning.

Share count change Good0.0% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders n/a–Dividends and buybacks not reported.

Stock-based pay n/a–Stock-based compensation not reported.

Years of revenue growth Fair2 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Weak−130.6 ptsFrom −15.9% in FY23 to −146.6% in FY26.

Piotroski's tests, one by one (6 passed of 9)

FAIL
Made a profit Return on assets −0.6% in FY26
A company that loses money on its assets is using up its owners' capital.
FAIL
Operations brought in cash Operating cash flow −₹293 crore in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved −0.6% vs FY25's −0.9%
Rising profitability is one of the clearest signs a business is getting stronger.
FAIL
Cash from operations beat profit Cash −₹293 crore vs profit −₹22.4 crore
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Almost no long-term debt in either year
More debt leaves less room for error when business slows.
PASS
Short-term liquidity improved Current ratio 11.28 vs FY25's 10.80
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
PASS
No new shares issued Diluted shares 0.0% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
PASS
Gross margin improved Gross margin 3.1% vs FY25's −156.5%
A higher gross margin points to pricing power or falling costs.
PASS
Assets worked harder (turnover up) Revenue ÷ assets 0.06x vs FY25's 0.01x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 8/9 · FY25 3/9

How the Altman and Beneish scores are built

Altman Z'' = 20.85 (safe)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.545	6.56	3.57
Retained earnings ÷ total assets	0.638	3.26	2.08
Operating profit (EBIT) ÷ total assets	-0.080	6.72	-0.54
Book equity ÷ total liabilities	14.983	1.05	15.73

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 13.93 · FY24 15.85 · FY25 20.38

Beneish M = -22.33
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	4.943	1.465	1.031
Gross margin slipping (GMI)	-50.509	1.193	1.014
More hard-to-value assets (AQI)	1.172	1.254	1.039
Sales growth (SGI)	4.519	1.607	1.134
Depreciation slowing (DEPI)	1.091	1.077	1.001
Overheads vs sales (SGAI)	0.225	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	0.070	0.031	0.018
Leverage rising (LVGI)	0.884	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

Not available from the data: paid out to shareholders, stock-based pay.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

No analyst coverage on Yahoo for this company. Smaller companies are often not covered at all, which makes your own analysis matter more.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year–Your base case averages 26.8%. No growth rate between −60% and +100% matches the price.

Implied EBIT margin–Your base case averages -100.0%; the last reported year was -146.6%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Context

No expected return: the DCF does not give a usable value with these inputs.

Expected returnif your base case comes trueNot available–
Required return (WACC)what the model discounts at20.4%
Government bondwhat the INR 10-year government bond pays7.4%

What the price pays for

FY26 had no operating profit, so there is no earnings power value: the whole price rests on a recovery or growth.

Earnings yield-1.5%-₹14.13 trailing EPS ÷ price

Free cash flow yield-4.0%FY27E forecast ÷ market value

10-year bond7.4%interest a year

Cost of equity20.4%what shareholders require

Caution

Trailing earnings are a loss, so there is no earnings yield to set against the bond: the price rests on a recovery.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 5.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	–
Required return (WACC)	20.4%
Expected minus required	–
Cost of equity	20.4%
10-year government bond	7.4%
Earnings power value per share	–
Share of price paying for growth	–
Earnings yield	-1.5%
Free cash flow yield	-4.0%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%₹21.50-97.7% vs price

Base · 50%-₹12.93-101.4% vs price

Bull · 25%-₹47.88-105.1% vs price

Probability-weighted-₹13.06-101.4% vs price

ReportedBearBaseBull

Show as table

Revenue, ₹ crore	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	290	369	46.8	212
Bear					290	397	500	575	598
Base					296	415	535	631	675
Bull					303	433	571	691	760

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above ₹942.95

Median outcome-₹12.38-101.3% vs price

Downside (10th pct)-₹68.601 run in 10 is lower

Upside (90th pct)₹36.181 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

₹ crore	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	296	415	535	631	675
EBIT	-296	-415	-535	-631	-675
NOPAT = EBIT × (1 − tax)	-178	-249	-321	-379	-405
+ D&A	74.7	105	135	159	170
− Capex	38.8	54.3	70.1	82.7	88.5
− Increase in working capital	33.9	47.4	48.1	38.5	17.7
Free cash flow	-176	-246	-304	-341	-341
Present value	-163	-189	-195	-181	-150
Years to year end (t)	0.41	1.41	2.41	3.41	4.41

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: -878
Present value of terminal value: -1,025
Enterprise value: -1,903
+ Cash and short-term investments (31 Mar 2026): 1,956
− Borrowings: 2.57
− Lease liabilities: 2.85
− Minority interests: 97.7
− Dividends since the balance sheet: 9.22
Equity value: -59.6
÷ Shares outstanding: 4.61 crore
Value per share: -₹12.93

All amounts in ₹ crore. Dividends with ex-dates after 2026-03-31: 2026-09-16 (2.00 per share).

Terminal value share of enterprise value53.9%The forecast years carry a good share of the value.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	19.41%	19.91%	20.41%	20.91%	21.41%
4.0%	-₹22.89	-₹9.73	₹2.62	₹14.23	₹25.18
4.5%	-₹31.69	-₹17.87	-₹4.91	₹7.25	₹18.69
5.0%	-₹41.11	-₹26.54	-₹12.93	-₹0.17	₹11.80
5.5%	-₹51.20	-₹35.83	-₹21.49	-₹8.08	₹4.48
6.0%	-₹62.04	-₹45.77	-₹30.64	-₹16.52	-₹3.31

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Aurionpro Solutions Limited AURIONPRO.NS Software - Application		10.0x	14.4x	2.0x	1.7x	14.1%	6.3%
Intellect Design Arena Limited INTELLECT.NS Software - Application		14.8x	19.7x	1.9x	2.1x	15.9%	15.8%
Nucleus Software Exports Limited NUCLEUS.NS Software - Application		15.2x	17.2x	1.5x	1.9x	10.9%	14.1%
Median of included	3	14.8x	17.2x	1.9x	1.9x
63 moons technologies limited	–	–	–	7.8x	1.2x	-146.6%	351.9%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	– (12.4x)	– (14.8x)	– (15.0x)
P/E × earnings per share	– (15.8x)	– (17.2x)	– (18.5x)
P/B × book value per share	₹1,364 (1.8x)	₹1,442 (1.9x)	₹1,523 (2.0x)
EV/Sales × revenue + net cash (check only)	₹521 (1.7x)	₹536 (1.9x)	₹538 (2.0x)
Peer value (average of median EV/EBITDA and median P/E prices)		–

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins+4657 bpsEBIT margin change from the last reported year (-146.6%) to FY31E (-100.0%)

2 · Valuation vs peers–63 moons technologies limited EV/EBITDA against the peer median; negative means cheaper

3 · Cash-4.0%FCF yield: FY27E free cash flow ÷ market value at today's price

63 moons technologies limited (63MOONS.NS), valuation summary, 2 Nov 2026
Value estimate – (– vs today's price of ₹942.95).

• DCF (base case): not meaningful with these inputs per share. WACC 20.41%, terminal growth 5.0%; terminal value is 54% of enterprise value.
• Peers: – per share (average of median EV/EBITDA and median P/E prices; 3 peers).
• Scenarios: bear ₹21.50, base -₹12.93, bull -₹47.88; probability-weighted -₹13.06.
• What the price implies: outside the range tested for FY27E–FY31E, against 26.8% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹68.60 to ₹36.18.
• Key assumptions (base): revenue growth 40.0% → 40.0% → 29.0% → 18.0% → 7.0%; EBIT margin -100.0% to -100.0%; tax 40.0%.
• Checks: to review: The DCF gives a positive value per share; Scenario values are in order: bear ≤ base ≤ bull.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

Model checks

5 pass, 2 to review.

PASSWACC is above terminal growth g
CHECKThe DCF gives a positive value per shareA negative value usually means capex or working capital stays too high for ever, or the bridge holds a finance arm's debt. Until fixed, the price target uses peer multiples only.
PASSShares × price is within 2% of the reported market cap
CHECKScenario values are in order: bear ≤ base ≤ bullBear and bull drivers are the wrong way round.
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 97.3%
EBIT (operating profit)					margin -173.7%
D&A					25.2%
Profit before tax
Tax					rate 105.5%
Capex					13.1%
Increase in working capital					63.4% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 46,078,537. Price ₹942.95 at Fri, 30 Oct 2026 10:00:02 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 97.3%

EBIT marginFY23–FY26 avg -173.7%

Tax rateFY23–FY26 avg 105.5%

D&A % of revenueFY23–FY26 avg 25.2%

Capex % of revenueFY23–FY26 avg 13.1%

Working capital % of revenue changeFY23–FY26 avg 63.4%

Range

Low

Mid

High

DCF scenarios (bear to bull)

-₹47.88

-₹12.93

₹21.50

DCF sensitivity (WACC and g ±1 point)

-₹62.04

-₹12.93

₹25.18

Monte Carlo (middle 80% of 2,000 runs)

-₹68.60

-₹12.38

₹36.18

EV/EBITDA comps (25th to 75th percentile)

–

P/E comps (25th to 75th percentile)

–

52-week share price (trading range)

₹467

–

₹969

Altman Z'' = 20.85 (safe)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.545

6.56

3.57

Retained earnings ÷ total assets

0.638

3.26

2.08

Operating profit (EBIT) ÷ total assets

-0.080

6.72

-0.54

Book equity ÷ total liabilities

14.983

1.05

15.73

Beneish M = -22.33

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

4.943

1.465

1.031

Gross margin slipping (GMI)

-50.509

1.193

1.014

More hard-to-value assets (AQI)

1.172

1.254

1.039

Sales growth (SGI)

4.519

1.607

1.134

Depreciation slowing (DEPI)

1.091

1.077

1.001

Overheads vs sales (SGAI)

0.225

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

0.070

0.031

0.018

Leverage rising (LVGI)

0.884

1.111

1.037

Measure

Value

Expected return (IRR), base case

–

Required return (WACC)

20.4%

Expected minus required

–

Cost of equity

20.4%

10-year government bond

7.4%

Earnings power value per share

–

Share of price paying for growth

–

Earnings yield

-1.5%

Free cash flow yield

-4.0%

Revenue, ₹ crore

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

290

369

46.8

212

Bear

290

397

500

575

598

Base

296

415

535

631

675

Bull

303

433

571

691

760

₹ crore

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

296

415

535

631

675

EBIT

-296

-415

-535

-631

-675

NOPAT = EBIT × (1 − tax)

-178

-249

-321

-379

-405

+ D&A

74.7

105

135

159

170

− Capex

38.8

54.3

70.1

82.7

88.5

− Increase in working capital

33.9

47.4

48.1

38.5

17.7

Free cash flow

-176

-246

-304

-341

Present value

-163

-189

-195

-181

-150

Years to year end (t)

0.41

1.41

2.41

3.41

4.41

g ↓ · WACC →

19.41%

19.91%

20.41%

20.91%

21.41%

4.0%

-₹22.89

-₹9.73

₹2.62

₹14.23

₹25.18

4.5%

-₹31.69

-₹17.87

-₹4.91

₹7.25

₹18.69

5.0%

-₹41.11

-₹26.54

-₹12.93

-₹0.17

₹11.80

5.5%

-₹51.20

-₹35.83

-₹21.49

-₹8.08

₹4.48

6.0%

-₹62.04

-₹45.77

-₹30.64

-₹16.52

-₹3.31

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Aurionpro Solutions Limited AURIONPRO.NS

Software - Application

10.0x

14.4x

2.0x

1.7x

14.1%

6.3%

Intellect Design Arena Limited INTELLECT.NS

Software - Application

14.8x

19.7x

1.9x

2.1x

15.9%

15.8%

Nucleus Software Exports Limited NUCLEUS.NS

Software - Application

15.2x

17.2x

1.5x

1.9x

10.9%

14.1%

Median of included

14.8x

17.2x

1.9x

63 moons technologies limited

–

7.8x

1.2x

-146.6%

351.9%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

– (12.4x)

– (14.8x)

– (15.0x)

P/E × earnings per share

– (15.8x)

– (17.2x)

– (18.5x)

P/B × book value per share

₹1,364 (1.8x)

₹1,442 (1.9x)

₹1,523 (2.0x)

EV/Sales × revenue + net cash (check only)

₹521 (1.7x)

₹536 (1.9x)

₹538 (2.0x)

Peer value (average of median EV/EBITDA and median P/E prices)

–

63 moons technologies limited (63MOONS.NS), valuation summary, 2 Nov 2026 Value estimate – (– vs today's price of ₹942.95). • DCF (base case): not meaningful with these inputs per share. WACC 20.41%, terminal growth 5.0%; terminal value is 54% of enterprise value. • Peers: – per share (average of median EV/EBITDA and median P/E prices; 3 peers). • Scenarios: bear ₹21.50, base -₹12.93, bull -₹47.88; probability-weighted -₹13.06. • What the price implies: outside the range tested for FY27E–FY31E, against 26.8% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% -₹68.60 to ₹36.18. • Key assumptions (base): revenue growth 40.0% → 40.0% → 29.0% → 18.0% → 7.0%; EBIT margin -100.0% to -100.0%; tax 40.0%. • Checks: to review: The DCF gives a positive value per share; Scenario values are in order: bear ≤ base ≤ bull. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 97.3%

EBIT (operating profit)

margin -173.7%

D&A

25.2%

Profit before tax

Tax

rate 105.5%

Capex

13.1%

Increase in working capital

63.4% of Δrev