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Model Note · Afcom Holdings Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Afcom Holdings Limited Discounted cash flow · base FY26
Afcom Holdings Limited
Value per share, this model₹1,852
CMP 2026-09-10₹1,546.00
Difference19.8%
Growth the CMP implies23.7%/yr
This note states the assumptions and the arithmetic of one model of Afcom Holdings 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
30% a year
FY26 144.3% · 5-yr CAGR —%
EBITDA margin
40%
FY26 40.0% · 5-yr average 40.0%
Depreciation · capex, % of revenue
9.1% · 0%, fading to 1.2× depreciation
FY26 9.1% · 0.0%
Working capital, % of added revenue · tax
21.6% · 20.4%
79 working-capital days · effective 20.4%
Discount rate
11.00%
1-yr beta 1.57
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹0 cr
Shares
2.77 crore
2.77 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
583
758
985
1,281
1,665
2,165
growth %
144.3
30.0
30.0
30.0
30.0
30.0
EBITDA
234
303
394
512
666
866
Depreciation
(53)
(69)
(90)
(117)
(152)
(197)
NOPAT
143
186
242
315
410
533
less capex
0
0
(27)
(70)
(136)
(236)
less working-capital build
—
(38)
(49)
(64)
(83)
(108)
Free cash flow to firm
—
218
256
298
342
385
Present value
207
219
229
237
241
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 · Afcom Holdings Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,133
PV of the terminal value (78% of EV)
4,000
Enterprise value
5,133
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
5,133
÷ 2.77 crore shares
₹1,852
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,914
2,058
2,231
2,442
2,706
10.5%
1,764
1,883
2,024
2,194
2,401
11.0%
1,634
1,735
1,852
1,991
2,158
11.5%
1,523
1,608
1,707
1,822
1,959
12.0%
1,425
1,498
1,583
1,680
1,793
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
