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Model Note · ADIT BIRL SUN LIF AMC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADIT BIRL SUN LIF AMC LTD Discounted cash flow · base FY26
ADIT BIRL SUN LIF AMC LTD
Value per share, this model₹597
CMP 2026-09-10₹1,087.00
Difference(45.0)%
Growth the CMP implies24.8%/yr
This note states the assumptions and the arithmetic of one model of ADIT BIRL SUN LIF AMC LTD, 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
9.5% a year
FY26 9.5% · 5-yr CAGR —%
EBITDA margin
59.7%
FY26 59.7% · 5-yr average 59.1%
Depreciation · capex, % of revenue
2.5% · 2.6%, fading to 1.2× depreciation
FY26 2.5% · 2.6%
Working capital, % of added revenue · tax
0% · 23%
0 working-capital days · effective 23.0%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(58) · ₹0 · ₹0 cr
FY26 net debt ₹(58) cr
Shares
28.92 crore
28.92 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
1,845
2,020
2,212
2,422
2,653
2,905
growth %
9.5
9.5
9.5
9.5
9.5
9.5
EBITDA
1,102
1,206
1,321
1,446
1,584
1,734
Depreciation
(46)
(51)
(55)
(61)
(66)
(73)
NOPAT
813
890
974
1,067
1,168
1,279
less capex
(47)
(53)
(60)
(68)
(77)
(87)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
888
970
1,060
1,158
1,265
Present value
843
829
816
803
791
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 · ADIT BIRL SUN LIF AMC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,083
PV of the terminal value (76% of EV)
13,135
Enterprise value
17,217
less net debt
58
less non-controlling interest
0
add non-operating investments
0
Equity value
17,275
÷ 28.92 crore shares
₹597
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
617
662
717
783
866
10.5%
569
607
652
705
770
11.0%
529
560
597
641
693
11.5%
494
520
552
588
631
12.0%
463
486
512
543
578
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
