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Model Note · AIA ENGINEERING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AIA ENGINEERING LIMITED Discounted cash flow · base FY26
AIA ENGINEERING LIMITED
Value per share, this model₹1,460
CMP 2026-09-10₹4,099.90
Difference(64.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AIA ENGINEERING 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
3% a year
FY26 3.1% · 5-yr CAGR 8.9%
EBITDA margin
28.3%
FY26 28.3% · 5-yr average 25.6%
Depreciation · capex, % of revenue
2.5% · 2.4%, fading to 1.2× depreciation
FY26 2.5% · 2.4%
Working capital, % of added revenue · tax
49.9% · 20.5%
182 working-capital days · effective 20.5%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(215) · ₹0 · ₹0 cr
FY26 net debt ₹(215) cr
Shares
9.33 crore
9.33 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
4,420
4,552
4,689
4,830
4,975
5,124
growth %
3.1
3.0
3.0
3.0
3.0
3.0
EBITDA
1,253
1,288
1,327
1,367
1,408
1,450
Depreciation
(113)
(114)
(117)
(121)
(124)
(128)
NOPAT
907
934
962
991
1,020
1,051
less capex
(104)
(109)
(120)
(130)
(142)
(154)
less working-capital build
—
(66)
(68)
(70)
(72)
(74)
Free cash flow to firm
—
872
891
911
931
951
Present value
828
762
702
646
595
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 · AIA ENGINEERING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,532
PV of the terminal value (74% of EV)
9,875
Enterprise value
13,407
less net debt
215
less non-controlling interest
0
add non-operating investments
0
Equity value
13,622
÷ 9.33 crore shares
₹1,460
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,506
1,612
1,738
1,893
2,086
10.5%
1,395
1,483
1,586
1,711
1,862
11.0%
1,300
1,374
1,460
1,561
1,683
11.5%
1,217
1,280
1,353
1,437
1,537
12.0%
1,145
1,199
1,261
1,332
1,415
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
