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Model Note · ADF FOODS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADF FOODS LIMITED Discounted cash flow · base FY26
ADF FOODS LIMITED
Value per share, this model₹106
CMP 2026-09-10₹270.15
Difference(60.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADF FOODS 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
16% a year
FY26 15.9% · 5-yr CAGR 13.1%
EBITDA margin
18.1%
FY26 18.1% · 5-yr average 17.7%
Depreciation · capex, % of revenue
3.1% · 12.1%, fading to 1.2× depreciation
FY26 3.1% · 12.1%
Working capital, % of added revenue · tax
28.3% · 25.1%
103 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(57) · ₹0 · ₹0 cr
FY26 net debt ₹(57) cr
Shares
10.99 crore
10.99 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
683
793
919
1,066
1,237
1,435
growth %
15.9
16.0
16.0
16.0
16.0
16.0
EBITDA
124
143
166
193
224
260
Depreciation
(21)
(25)
(29)
(33)
(38)
(44)
NOPAT
77
89
103
120
139
161
less capex
(83)
(96)
(92)
(84)
(72)
(53)
less working-capital build
—
(31)
(36)
(42)
(48)
(56)
Free cash flow to firm
—
(13)
4
27
57
96
Present value
(13)
3
21
40
60
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 · ADF FOODS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
111
PV of the terminal value (90% of EV)
1,000
Enterprise value
1,112
less net debt
57
less non-controlling interest
0
add non-operating investments
0
Equity value
1,169
÷ 10.99 crore shares
₹106
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
110
119
130
143
160
10.5%
101
108
117
128
141
11.0%
93
99
106
115
126
11.5%
86
91
97
105
113
12.0%
80
84
90
96
103
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
