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Model Note · AION-TECH SOLUTIONS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AION-TECH SOLUTIONS LTD Discounted cash flow · base FY26
AION-TECH SOLUTIONS LTD
Value per share, this model₹(47)
CMP 2026-09-10₹45.00
Difference(203.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AION-TECH SOLUTIONS 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 51.9% · 5-yr CAGR 22.0%
EBITDA margin
17%
FY26 17.0% · 5-yr average 6.2%
Depreciation · capex, % of revenue
13.8% · 0%, fading to 1.2× depreciation
FY26 13.8% · 0.0%
Working capital, % of added revenue · tax
11.2% · 61.5%
41 working-capital days · effective 61.5%
Discount rate
11.00%
1-yr beta 1.61
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹63 · ₹0 · ₹0 cr
FY26 net debt ₹63 cr
Shares
5.23 crore
5.23 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
135
176
228
297
386
501
growth %
51.9
30.0
30.0
30.0
30.0
30.0
EBITDA
23
30
39
50
66
85
Depreciation
(19)
(24)
(31)
(41)
(53)
(69)
NOPAT
2
2
3
4
5
6
less capex
0
0
(9)
(25)
(48)
(83)
less working-capital build
—
(5)
(6)
(8)
(10)
(13)
Free cash flow to firm
—
22
19
12
0
(21)
Present value
21
16
10
0
(13)
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 · AION-TECH SOLUTIONS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
34
PV of the terminal value (—% of EV)
(214)
Enterprise value
(180)
less net debt
(63)
less non-controlling interest
0
add non-operating investments
0
Equity value
(243)
÷ 5.23 crore shares
₹(47)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(48)
(52)
(57)
(63)
(71)
10.5%
(44)
(47)
(51)
(56)
(62)
11.0%
(40)
(43)
(47)
(51)
(55)
11.5%
(37)
(40)
(43)
(46)
(50)
12.0%
(35)
(37)
(39)
(42)
(45)
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
