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Model Note · ALBERT DAVID LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ALBERT DAVID LIMITED Discounted cash flow · base FY26
ALBERT DAVID LIMITED
Value per share, this model₹261
CMP, 9 Oct 2026₹793.70
Difference(67.1)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of ALBERT DAVID LIMITED, built on its filed FY26 standalone 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
-3.5% a year
FY26 (3.5)% · 5-yr CAGR 6.2%
EBITDA margin
1.6%
FY26 1.6% · 5-yr average 8.3%
Depreciation · capex, % of revenue
2.9% · 0%, fading to 1.2× depreciation
FY26 2.9% · 0.0%
Working capital, % of added revenue · tax
17.9% · 384.8%
65 working-capital days · effective 384.8%
Discount rate
11.00%
1-yr beta 0.63
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹28 · ₹0 · ₹0 cr
FY26 net debt ₹28 cr
Shares
0.57 crore
0.57 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
334
322
311
300
289
279
growth %
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
5
5
5
5
5
4
Depreciation
(10)
(9)
(9)
(9)
(8)
(8)
NOPAT
12
12
12
11
11
10
less capex
0
0
(3)
(5)
(8)
(10)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
23
20
17
13
11
Present value
22
17
13
9
7
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 · ALBERT DAVID LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
68
PV of the terminal value (62% of EV)
109
Enterprise value
177
less net debt
(28)
less non-controlling interest
0
add non-operating investments
0
Equity value
149
÷ 0.57 crore shares
₹261
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
270
289
312
340
375
10.5%
250
266
284
307
334
11.0%
232
246
261
280
302
11.5%
217
228
242
257
275
12.0%
204
213
225
238
253
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
