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Model Note · AFFLE 3I LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AFFLE 3I LIMITED Discounted cash flow · base FY26
AFFLE 3I LIMITED
Value per share, this model₹911
CMP 2026-09-10₹1,572.00
Difference(42.0)%
Growth the CMP implies35.4%/yr
This note states the assumptions and the arithmetic of one model of AFFLE 3I 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
19.5% a year
FY26 19.5% · 5-yr CAGR 39.3%
EBITDA margin
22.5%
FY26 22.5% · 5-yr average 20.6%
Depreciation · capex, % of revenue
4.6% · 7.8%, fading to 1.2× depreciation
FY26 4.6% · 7.8%
Working capital, % of added revenue · tax
0% · 18.6%
-28 working-capital days · effective 18.6%
Discount rate
11.00%
1-yr beta 0.52
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,196) · ₹0 · ₹0 cr
FY26 net debt ₹(1,196) cr
Shares
14.06 crore
14.06 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
2,709
3,238
3,869
4,623
5,525
6,602
growth %
19.5
19.5
19.5
19.5
19.5
19.5
EBITDA
610
728
871
1,040
1,243
1,486
Depreciation
(124)
(149)
(178)
(213)
(254)
(304)
NOPAT
395
472
564
674
805
962
less capex
(211)
(253)
(280)
(308)
(336)
(364)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
368
462
578
723
901
Present value
349
395
446
502
564
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 · AFFLE 3I LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,255
PV of the terminal value (81% of EV)
9,360
Enterprise value
11,615
less net debt
1,196
less non-controlling interest
0
add non-operating investments
0
Equity value
12,811
÷ 14.06 crore shares
₹911
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
939
1,006
1,085
1,182
1,304
10.5%
870
925
990
1,068
1,164
11.0%
811
857
911
975
1,052
11.5%
759
799
844
897
960
12.0%
714
748
787
832
884
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
