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Model Note · ADANI TOTAL GAS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADANI TOTAL GAS LIMITED Discounted cash flow · base FY26
ADANI TOTAL GAS LIMITED
Value per share, this model₹138
CMP 2026-09-10₹596.70
Difference(76.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADANI TOTAL GAS 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
18.5% a year
FY26 18.4% · 5-yr CAGR 29.1%
EBITDA margin
18.6%
FY26 18.6% · 5-yr average 21.0%
Depreciation · capex, % of revenue
3.8% · 15.4%, fading to 1.2× depreciation
FY26 3.8% · 15.4%
Working capital, % of added revenue · tax
2.4% · 26.3%
9 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,915 · ₹0 · ₹0 cr
FY26 net debt ₹1,915 cr
Shares
109.94 crore
109.94 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
6,409
7,594
8,999
10,664
12,637
14,974
growth %
18.4
18.5
18.5
18.5
18.5
18.5
EBITDA
1,195
1,413
1,674
1,983
2,350
2,785
Depreciation
(243)
(289)
(342)
(405)
(480)
(569)
NOPAT
701
828
982
1,163
1,378
1,633
less capex
(988)
(1,169)
(1,142)
(1,064)
(919)
(683)
less working-capital build
—
(28)
(34)
(40)
(47)
(56)
Free cash flow to firm
—
(81)
148
464
893
1,463
Present value
(77)
126
358
619
915
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 TOTAL GAS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,942
PV of the terminal value (89% of EV)
15,198
Enterprise value
17,140
less net debt
(1,915)
less non-controlling interest
0
add non-operating investments
0
Equity value
15,225
÷ 109.94 crore shares
₹138
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
144
158
174
195
220
10.5%
130
141
155
171
191
11.0%
118
127
138
152
168
11.5%
107
115
125
136
149
12.0%
98
105
113
122
133
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
