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Model Note · AJAX ENGINEERING LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AJAX ENGINEERING LIMITED Discounted cash flow · base FY26
AJAX ENGINEERING LIMITED
Value per share, this model₹258
CMP 2026-09-10₹590.00
Difference(56.3)%
Growth the CMP implies25.4%/yr
This note states the assumptions and the arithmetic of one model of AJAX 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
1.5% a year
FY26 1.4% · 5-yr CAGR —%
EBITDA margin
12.5%
FY26 12.5% · 5-yr average 13.9%
Depreciation · capex, % of revenue
0.5% · 1.3%, fading to 1.2× depreciation
FY26 0.5% · 1.3%
Working capital, % of added revenue · tax
4.7% · 25.3%
17 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(166) · ₹0 · ₹0 cr
FY26 net debt ₹(166) cr
Shares
11.44 crore
11.44 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
2,103
2,134
2,166
2,199
2,232
2,265
growth %
1.4
1.5
1.5
1.5
1.5
1.5
EBITDA
263
267
271
275
279
283
Depreciation
(10)
(11)
(11)
(11)
(11)
(11)
NOPAT
188
191
194
197
200
203
less capex
(28)
(28)
(24)
(21)
(17)
(14)
less working-capital build
—
(1)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
173
179
186
192
199
Present value
164
153
143
133
125
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 · AJAX ENGINEERING LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
718
PV of the terminal value (74% of EV)
2,069
Enterprise value
2,787
less net debt
166
less non-controlling interest
0
add non-operating investments
0
Equity value
2,953
÷ 11.44 crore shares
₹258
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
266
284
306
332
365
10.5%
247
262
280
301
327
11.0%
231
243
258
275
296
11.5%
217
227
240
254
271
12.0%
204
214
224
236
251
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
