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Model Note · ADANI ENTERPRISES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADANI ENTERPRISES LIMITED Discounted cash flow · base FY26
ADANI ENTERPRISES LIMITED
Value per share, this model₹40
CMP 2026-09-10₹3,060.00
Difference(98.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADANI ENTERPRISES 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
2.5% a year
FY26 2.6% · 5-yr CAGR 20.5%
EBITDA margin
23.1%
FY26 23.1% · 5-yr average 12.9%
Depreciation · capex, % of revenue
6.1% · 33.2%, fading to 1.2× depreciation
FY26 6.1% · 33.2%
Working capital, % of added revenue · tax
10.9% · 28.3%
40 working-capital days · effective 28.3%
Discount rate
11.00%
1-yr beta 1.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,07,435 · ₹0 · ₹0 cr
FY26 net debt ₹1,07,435 cr
Shares
130.16 crore
130.16 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
1,00,469
1,02,980
1,05,555
1,08,194
1,10,899
1,13,671
growth %
2.6
2.5
2.5
2.5
2.5
2.5
EBITDA
23,204
23,788
24,383
24,993
25,618
26,258
Depreciation
(6,135)
(6,282)
(6,439)
(6,600)
(6,765)
(6,934)
NOPAT
12,239
12,552
12,866
13,188
13,517
13,855
less capex
(33,369)
(34,189)
(28,215)
(21,920)
(15,293)
(8,321)
less working-capital build
—
(274)
(281)
(288)
(295)
(302)
Free cash flow to firm
—
(15,629)
(9,191)
(2,420)
4,694
12,166
Present value
(14,835)
(7,859)
(1,864)
3,258
7,607
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 · ADANI ENTERPRISES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(13,693)
PV of the terminal value (112% of EV)
1,26,353
Enterprise value
1,12,660
less net debt
(1,07,435)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,225
÷ 130.16 crore shares
₹40
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
77
174
290
432
609
10.5%
(22)
58
153
267
407
11.0%
(106)
(39)
40
133
245
11.5%
(179)
(122)
(55)
22
114
12.0%
(243)
(193)
(136)
(71)
5
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
