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Model Note · ACC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ACC LIMITED Discounted cash flow · base FY26
ACC LIMITED
Value per share, this model₹1,903
CMP 2026-09-10₹1,247.00
Difference52.6%
Growth the CMP implies(0.3)%/yr
This note states the assumptions and the arithmetic of one model of ACC 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
19.5% a year
FY26 19.3% · 5-yr CAGR —%
EBITDA margin
11.5%
FY26 11.5% · 5-yr average 12.6%
Depreciation · capex, % of revenue
4.3% · 5.5%, fading to 1.2× depreciation
FY26 4.3% · 5.5%
Working capital, % of added revenue · tax
12.2% · 0.9%
45 working-capital days · effective 0.9%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(537) · ₹0 · ₹0 cr
FY26 net debt ₹(537) cr
Shares
18.80 crore
18.80 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
25,962
31,024
37,074
44,304
52,943
63,267
growth %
19.3
19.5
19.5
19.5
19.5
19.5
EBITDA
2,978
3,568
4,264
5,095
6,088
7,276
Depreciation
(1,118)
(1,334)
(1,594)
(1,905)
(2,277)
(2,720)
NOPAT
1,843
2,214
2,645
3,161
3,778
4,514
less capex
(1,433)
(1,706)
(2,008)
(2,361)
(2,777)
(3,265)
less working-capital build
—
(618)
(738)
(882)
(1,054)
(1,260)
Free cash flow to firm
—
1,224
1,494
1,823
2,223
2,711
Present value
1,162
1,277
1,404
1,543
1,695
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 · ACC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7,081
PV of the terminal value (80% of EV)
28,151
Enterprise value
35,232
less net debt
537
less non-controlling interest
0
add non-operating investments
0
Equity value
35,769
÷ 18.80 crore shares
₹1,903
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,966
2,115
2,295
2,513
2,787
10.5%
1,810
1,934
2,081
2,256
2,471
11.0%
1,676
1,781
1,903
2,046
2,219
11.5%
1,561
1,650
1,752
1,872
2,013
12.0%
1,460
1,536
1,623
1,724
1,842
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
