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Model Note · ADVANCED ENZYME TECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADVANCED ENZYME TECH LTD Discounted cash flow · base FY26
ADVANCED ENZYME TECH LTD
Value per share, this model₹266
CMP 2026-09-10₹293.50
Difference(9.4)%
Growth the CMP implies22.7%/yr
This note states the assumptions and the arithmetic of one model of ADVANCED ENZYME TECH 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
17% a year
FY26 17.1% · 5-yr CAGR 8.2%
EBITDA margin
32.2%
FY26 32.2% · 5-yr average 31.9%
Depreciation · capex, % of revenue
5.4% · 7%, fading to 1.2× depreciation
FY26 5.4% · 7.0%
Working capital, % of added revenue · tax
37.9% · 25.3%
138 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(88) · ₹0 · ₹0 cr
FY26 net debt ₹(88) cr
Shares
11.20 crore
11.20 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
746
873
1,021
1,194
1,397
1,635
growth %
17.1
17.0
17.0
17.0
17.0
17.0
EBITDA
240
281
329
385
450
526
Depreciation
(40)
(47)
(55)
(64)
(75)
(88)
NOPAT
150
175
204
239
280
327
less capex
(52)
(61)
(70)
(81)
(92)
(106)
less working-capital build
—
(48)
(56)
(66)
(77)
(90)
Free cash flow to firm
—
113
133
157
186
220
Present value
107
114
121
129
137
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 · ADVANCED ENZYME TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
608
PV of the terminal value (79% of EV)
2,281
Enterprise value
2,889
less net debt
88
less non-controlling interest
0
add non-operating investments
0
Equity value
2,977
÷ 11.20 crore shares
₹266
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
275
295
319
349
386
10.5%
253
270
290
314
343
11.0%
235
249
266
285
309
11.5%
219
231
245
262
281
12.0%
206
216
228
242
258
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
