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Model Note · ALPEX SOLAR LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ALPEX SOLAR LIMITED Discounted cash flow · base FY26
ALPEX SOLAR LIMITED
Value per share, this model₹1,584
CMP 2026-09-10₹940.00
Difference68.5%
Growth the CMP implies5.8%/yr
This note states the assumptions and the arithmetic of one model of ALPEX SOLAR 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
30% a year
FY26 185.0% · 5-yr CAGR —%
EBITDA margin
14.3%
FY26 14.3% · 5-yr average 15.2%
Depreciation · capex, % of revenue
1.1% · 10.8%, fading to 1.2× depreciation
FY26 1.1% · 10.8%
Working capital, % of added revenue · tax
18.5% · 27.8%
68 working-capital days · effective 27.8%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹477 · ₹0 · ₹0 cr
FY26 net debt ₹477 cr
Shares
2.55 crore
2.55 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
2,223
2,890
3,757
4,885
6,350
8,255
growth %
185.0
30.0
30.0
30.0
30.0
30.0
EBITDA
319
413
537
698
908
1,180
Depreciation
(24)
(32)
(41)
(54)
(70)
(91)
NOPAT
213
275
358
466
605
787
less capex
(241)
(312)
(317)
(296)
(234)
(109)
less working-capital build
—
(123)
(160)
(209)
(271)
(352)
Free cash flow to firm
—
(128)
(78)
15
170
416
Present value
(122)
(66)
11
118
260
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 · ALPEX SOLAR LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
201
PV of the terminal value (96% of EV)
4,322
Enterprise value
4,523
less net debt
(477)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,046
÷ 2.55 crore shares
₹1,584
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,651
1,819
2,022
2,269
2,578
10.5%
1,477
1,617
1,782
1,981
2,224
11.0%
1,328
1,446
1,584
1,747
1,942
11.5%
1,200
1,301
1,417
1,552
1,711
12.0%
1,089
1,175
1,274
1,387
1,520
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
