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Model Note · AHLUWALIA CONT IND LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AHLUWALIA CONT IND LTD Discounted cash flow · base FY26
AHLUWALIA CONT IND LTD
Value per share, this model₹705
CMP, 8 Oct 2026₹553.80
Difference27.3%
Growth the CMP implies3.5%/yr
This note states the assumptions and the arithmetic of one model of AHLUWALIA CONT IND 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
11.5% a year
FY26 11.4% · 5-yr CAGR 18.2%
EBITDA margin
9.6%
FY26 9.6% · 5-yr average 10.7%
Depreciation · capex, % of revenue
2.1% · 5.8%, fading to 1.2× depreciation
FY26 2.1% · 5.8%
Working capital, % of added revenue · tax
5.7% · 26%
21 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(304) · ₹0 · ₹0 cr
FY26 net debt ₹(304) cr
Shares
6.70 crore
6.70 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
4,565
5,090
5,676
6,328
7,056
7,867
growth %
11.4
11.5
11.5
11.5
11.5
11.5
EBITDA
436
489
545
608
677
755
Depreciation
(98)
(107)
(119)
(133)
(148)
(165)
NOPAT
250
283
315
351
392
437
less capex
(266)
(295)
(283)
(263)
(236)
(198)
less working-capital build
—
(30)
(33)
(37)
(41)
(46)
Free cash flow to firm
—
64
118
184
263
357
Present value
61
101
141
182
223
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 · AHLUWALIA CONT IND LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
709
PV of the terminal value (84% of EV)
3,711
Enterprise value
4,420
less net debt
304
less non-controlling interest
0
add non-operating investments
0
Equity value
4,724
÷ 6.70 crore shares
₹705
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
728
784
850
931
1,032
10.5%
671
717
771
836
915
11.0%
622
660
705
759
822
11.5%
579
612
650
694
746
12.0%
542
570
602
640
683
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
