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Model Note · AEGIS VOPAK TERMINALS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AEGIS VOPAK TERMINALS LTD Discounted cash flow · base FY26
AEGIS VOPAK TERMINALS LTD
Value per share, this model₹105
CMP 2026-09-10₹295.00
Difference(64.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AEGIS VOPAK TERMINALS 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
30% a year
FY26 48.6% · 5-yr CAGR —%
EBITDA margin
74.4%
FY26 74.4% · 5-yr average 74.0%
Depreciation · capex, % of revenue
22.5% · 75.8%, fading to 1.2× depreciation
FY26 22.5% · 75.8%
Working capital, % of added revenue · tax
19.1% · 15.9%
70 working-capital days · effective 15.9%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,815 · ₹0 · ₹0 cr
FY26 net debt ₹1,815 cr
Shares
110.80 crore
110.80 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
923
1,200
1,560
2,028
2,636
3,427
growth %
48.6
30.0
30.0
30.0
30.0
30.0
EBITDA
686
893
1,161
1,509
1,961
2,550
Depreciation
(208)
(270)
(351)
(456)
(593)
(771)
NOPAT
403
524
681
885
1,151
1,496
less capex
(700)
(910)
(992)
(1,042)
(1,033)
(925)
less working-capital build
—
(53)
(69)
(89)
(116)
(151)
Free cash flow to firm
—
(169)
(29)
210
594
1,191
Present value
(160)
(25)
162
412
744
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 · AEGIS VOPAK TERMINALS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,133
PV of the terminal value (92% of EV)
12,365
Enterprise value
13,499
less net debt
(1,815)
less non-controlling interest
0
add non-operating investments
0
Equity value
11,684
÷ 110.80 crore shares
₹105
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
110
121
134
151
171
10.5%
98
108
119
132
148
11.0%
89
96
105
116
129
11.5%
80
87
94
103
114
12.0%
73
78
85
92
101
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
