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Model Note · ADOR WELDING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADOR WELDING LTD Discounted cash flow · base FY26
ADOR WELDING LTD
Value per share, this model₹587
CMP 2026-09-10₹1,610.30
Difference(63.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ADOR WELDING 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
1.5% a year
FY26 1.5% · 5-yr CAGR 20.6%
EBITDA margin
10.4%
FY26 10.4% · 5-yr average 7.2%
Depreciation · capex, % of revenue
1.7% · 1.9%, fading to 1.2× depreciation
FY26 1.7% · 1.9%
Working capital, % of added revenue · tax
16.7% · 28.7%
61 working-capital days · effective 28.7%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(41) · ₹0 · ₹0 cr
FY26 net debt ₹(41) cr
Shares
1.74 crore
1.74 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
1,140
1,157
1,174
1,192
1,210
1,228
growth %
1.5
1.5
1.5
1.5
1.5
1.5
EBITDA
119
120
122
124
126
128
Depreciation
(19)
(20)
(20)
(20)
(21)
(21)
NOPAT
71
72
73
74
75
76
less capex
(22)
(22)
(23)
(23)
(24)
(25)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
67
67
68
68
69
Present value
63
57
52
47
43
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 · ADOR WELDING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
263
PV of the terminal value (73% of EV)
716
Enterprise value
980
less net debt
41
less non-controlling interest
0
add non-operating investments
0
Equity value
1,021
÷ 1.74 crore shares
₹587
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
605
646
695
755
830
10.5%
562
596
636
684
743
11.0%
524
553
587
626
674
11.5%
492
517
545
578
617
12.0%
464
485
509
537
569
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
