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Model Note · ADC INDIA COMMUNICATIONS LIMIT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADC INDIA COMMUNICATIONS LIMIT Discounted cash flow · base FY26
ADC INDIA COMMUNICATIONS LIMIT
Value per share, this model₹730
CMP 2026-09-10₹2,299.95
Difference(68.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADC INDIA COMMUNICATIONS LIMIT, 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
7% a year
FY26 6.9% · 5-yr CAGR 27.3%
EBITDA margin
10.3%
FY26 10.3% · 5-yr average 11.3%
Depreciation · capex, % of revenue
0.2% · 0.2%, fading to 1.2× depreciation
FY26 0.2% · 0.2%
Working capital, % of added revenue · tax
9.4% · 23.1%
34 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(61) · ₹0 · ₹0 cr
FY26 net debt ₹(61) cr
Shares
0.46 crore
0.46 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
200
214
229
245
262
281
growth %
6.9
7.0
7.0
7.0
7.0
7.0
EBITDA
21
22
24
25
27
29
Depreciation
(0)
(0)
(0)
(0)
(1)
(1)
NOPAT
16
17
18
19
20
22
less capex
(0)
(0)
(0)
(1)
(1)
(1)
less working-capital build
—
(1)
(1)
(2)
(2)
(2)
Free cash flow to firm
—
15
16
17
19
20
Present value
15
14
13
13
12
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 · ADC INDIA COMMUNICATIONS LIMIT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
67
PV of the terminal value (75% of EV)
207
Enterprise value
275
less net debt
61
less non-controlling interest
0
add non-operating investments
0
Equity value
336
÷ 0.46 crore shares
₹730
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
749
794
848
914
996
10.5%
702
739
784
836
901
11.0%
662
693
730
773
825
11.5%
627
653
684
720
763
12.0%
596
619
645
676
711
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
