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Model Note · AKASH INFRA-PROJECTS LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AKASH INFRA-PROJECTS LTD Discounted cash flow · base FY26
AKASH INFRA-PROJECTS LTD
Value per share, this model₹(1,065)
CMP 2026-09-20₹25.10
Difference(4343.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AKASH INFRA-PROJECTS 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 41.0% · 5-yr CAGR 4.0%
EBITDA margin
7.9%
FY26 7.9% · 5-yr average 4.3%
Depreciation · capex, % of revenue
1.5% · 0.2%, fading to 1.2× depreciation
FY26 1.5% · 0.2%
Working capital, % of added revenue · tax
210.6% · 28.5%
769 working-capital days · effective 28.5%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹89 · ₹0 · ₹0 cr
FY26 net debt ₹89 cr
Shares
1.69 crore
1.69 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
82
106
138
180
234
304
growth %
41.0
30.0
30.0
30.0
30.0
30.0
EBITDA
6
8
11
14
18
24
Depreciation
(1)
(2)
(2)
(3)
(4)
(5)
NOPAT
4
5
6
8
11
14
less capex
(0)
(0)
(1)
(2)
(3)
(5)
less working-capital build
—
(52)
(67)
(87)
(113)
(148)
Free cash flow to firm
—
(45)
(60)
(78)
(103)
(135)
Present value
(43)
(51)
(60)
(71)
(84)
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 · AKASH INFRA-PROJECTS LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(310)
PV of the terminal value (—% of EV)
(1,397)
Enterprise value
(1,707)
less net debt
(89)
less non-controlling interest
0
add non-operating investments
0
Equity value
(1,796)
÷ 1.69 crore shares
₹(1,065)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(1,100)
(1,183)
(1,282)
(1,403)
(1,554)
10.5%
(1,014)
(1,082)
(1,163)
(1,261)
(1,380)
11.0%
(940)
(998)
(1,065)
(1,145)
(1,240)
11.5%
(876)
(925)
(982)
(1,048)
(1,126)
12.0%
(820)
(863)
(911)
(967)
(1,032)
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
