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Model Note · A-1 LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
A-1 LIMITED Discounted cash flow · base FY26
A-1 LIMITED
Value per share, this model₹0
CMP, 9 Oct 2026₹5.44
Difference(91.2)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of A-1 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
3.5% a year
FY26 3.4% · 5-yr CAGR —%
EBITDA margin
3.5%
FY26 3.5% · 5-yr average 2.2%
Depreciation · capex, % of revenue
0.8% · 0.9%, fading to 1.2× depreciation
FY26 0.8% · 0.9%
Working capital, % of added revenue · tax
21.6% · 25.8%
79 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.52
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹42 · ₹0 · ₹0 cr
FY26 net debt ₹42 cr
Shares
46.00 crore
46.00 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
343
355
367
380
393
407
growth %
3.4
3.5
3.5
3.5
3.5
3.5
EBITDA
12
12
13
13
14
14
Depreciation
(3)
(3)
(3)
(3)
(3)
(3)
NOPAT
7
7
7
8
8
8
less capex
(3)
(3)
(3)
(4)
(4)
(4)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
4
4
4
4
5
Present value
4
4
3
3
3
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 · A-1 LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
17
PV of the terminal value (74% of EV)
47
Enterprise value
64
less net debt
(42)
less non-controlling interest
0
add non-operating investments
0
Equity value
22
÷ 46.00 crore shares
₹0
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1
1
1
1
1
10.5%
0
0
1
1
1
11.0%
0
0
0
1
1
11.5%
0
0
0
0
1
12.0%
0
0
0
0
0
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
