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Model Note · AARTI INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AARTI INDUSTRIES LTD Discounted cash flow · base FY26
AARTI INDUSTRIES LTD
Value per share, this model₹232
CMP 2026-09-10₹492.00
Difference(52.9)%
Growth the CMP implies44.9%/yr
This note states the assumptions and the arithmetic of one model of AARTI INDUSTRIES 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
14% a year
FY26 14.0% · 5-yr CAGR 13.0%
EBITDA margin
14.2%
FY26 14.2% · 5-yr average 17.5%
Depreciation · capex, % of revenue
5.7% · 13.6%, fading to 1.2× depreciation
FY26 5.7% · 13.6%
Working capital, % of added revenue · tax
15.6% · -14.9%
57 working-capital days · effective (14.9)%
Discount rate
11.00%
1-yr beta 1.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,338 · ₹0 · ₹0 cr
FY26 net debt ₹4,338 cr
Shares
36.27 crore
36.27 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
8,286
9,446
10,769
12,276
13,995
15,954
growth %
14.0
14.0
14.0
14.0
14.0
14.0
EBITDA
1,174
1,341
1,529
1,743
1,987
2,265
Depreciation
(474)
(538)
(614)
(700)
(798)
(909)
NOPAT
804
923
1,052
1,199
1,367
1,558
less capex
(1,124)
(1,285)
(1,283)
(1,255)
(1,194)
(1,091)
less working-capital build
—
(181)
(206)
(235)
(268)
(306)
Free cash flow to firm
—
(5)
177
409
703
1,071
Present value
(4)
151
315
488
669
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 · AARTI INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,619
PV of the terminal value (87% of EV)
11,119
Enterprise value
12,738
less net debt
(4,338)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,400
÷ 36.27 crore shares
₹232
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
244
275
311
356
412
10.5%
212
238
268
304
348
11.0%
185
207
232
261
296
11.5%
162
180
201
225
254
12.0%
141
157
175
195
220
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
