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Model Note · ALLIANCE INTEGRATED METALIKS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ALLIANCE INTEGRATED METALIKS L Discounted cash flow · base FY18
ALLIANCE INTEGRATED METALIKS L
Value per share, this model₹(12)
CMP 2026-09-10₹2.77
Difference(533.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ALLIANCE INTEGRATED METALIKS L, built on its filed FY18 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
8% a year
FY18 —% · 5-yr CAGR —%
EBITDA margin
23.9%
FY18 23.9% · 5-yr average 23.9%
Depreciation · capex, % of revenue
32.6% · 0%, fading to 1.2× depreciation
FY18 32.6% · 0.0%
Working capital, % of added revenue · tax
107.6% · 25.17%
393 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.43
After FY23
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹205 · ₹0 · ₹0 cr
FY18 net debt ₹205 cr
Shares
39.50 crore
39.50 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY18
FY19
FY20
FY21
FY22
FY23
Revenue
83
89
97
104
113
122
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
20
21
23
25
27
29
Depreciation
(27)
(29)
(31)
(34)
(37)
(40)
NOPAT
(5)
(6)
(6)
(7)
(7)
(8)
less capex
0
0
(9)
(20)
(33)
(48)
less working-capital build
—
(7)
(8)
(8)
(9)
(10)
Free cash flow to firm
—
16
8
(2)
(13)
(26)
Present value
15
7
(1)
(9)
(16)
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 · ALLIANCE INTEGRATED METALIKS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(4)
PV of the terminal value (—% of EV)
(265)
Enterprise value
(269)
less net debt
(205)
less non-controlling interest
0
add non-operating investments
0
Equity value
(474)
÷ 39.50 crore shares
₹(12)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(12)
(13)
(14)
(15)
(16)
10.5%
(12)
(12)
(13)
(14)
(15)
11.0%
(11)
(11)
(12)
(13)
(13)
11.5%
(10)
(11)
(11)
(12)
(13)
12.0%
(10)
(10)
(11)
(11)
(12)
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
