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Model Note · ADITYA INFOTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADITYA INFOTECH LIMITED Discounted cash flow · base FY26
ADITYA INFOTECH LIMITED
Value per share, this model₹507
CMP 2026-09-10₹3,831.10
Difference(86.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADITYA INFOTECH 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
13.4%
FY26 13.4% · 5-yr average 13.4%
Depreciation · capex, % of revenue
1.3% · 3.2%, fading to 1.2× depreciation
FY26 1.3% · 3.2%
Working capital, % of added revenue · tax
21.5% · 25.3%
78 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(52) · ₹0 · ₹0 cr
FY26 net debt ₹(52) cr
Shares
11.79 crore
11.79 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
4,221
4,558
4,923
5,317
5,742
6,202
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
566
611
660
712
769
831
Depreciation
(56)
(59)
(64)
(69)
(75)
(81)
NOPAT
381
412
445
481
519
561
less capex
(136)
(146)
(137)
(127)
(113)
(97)
less working-capital build
—
(73)
(78)
(85)
(91)
(99)
Free cash flow to firm
—
253
293
338
389
446
Present value
240
251
261
270
279
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 · ADITYA INFOTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,300
PV of the terminal value (78% of EV)
4,628
Enterprise value
5,929
less net debt
52
less non-controlling interest
0
add non-operating investments
0
Equity value
5,981
÷ 11.79 crore shares
₹507
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
524
563
610
668
740
10.5%
483
516
554
600
657
11.0%
448
476
507
545
591
11.5%
418
441
468
499
536
12.0%
391
411
434
461
491
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
