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Model Note · ADCOUNTY MEDIA INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADCOUNTY MEDIA INDIA LIMITED Discounted cash flow · base FY26
ADCOUNTY MEDIA INDIA LIMITED
Value per share, this model₹138
CMP 2026-09-10₹89.75
Difference53.8%
Growth the CMP implies(11.8)%/yr
This note states the assumptions and the arithmetic of one model of ADCOUNTY MEDIA INDIA 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
28.7%
FY26 28.7% · 5-yr average 28.7%
Depreciation · capex, % of revenue
0.5% · 0.2%, fading to 1.2× depreciation
FY26 0.5% · 0.2%
Working capital, % of added revenue · tax
45.9% · 25.8%
167 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(8) · ₹0 · ₹0 cr
FY26 net debt ₹(8) cr
Shares
2.25 crore
2.25 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
86
93
100
108
117
127
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
25
27
29
31
34
36
Depreciation
(0)
(0)
(1)
(1)
(1)
(1)
NOPAT
18
19
21
23
25
26
less capex
(0)
(0)
(0)
(0)
(1)
(1)
less working-capital build
—
(3)
(3)
(4)
(4)
(4)
Free cash flow to firm
—
17
18
19
21
22
Present value
16
15
15
14
14
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 · ADCOUNTY MEDIA INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
74
PV of the terminal value (76% of EV)
229
Enterprise value
303
less net debt
8
less non-controlling interest
0
add non-operating investments
0
Equity value
311
÷ 2.25 crore shares
₹138
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
142
153
165
180
198
10.5%
132
140
150
162
177
11.0%
123
130
138
148
160
11.5%
115
121
128
136
146
12.0%
108
113
119
126
134
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
