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Model Note · AMAL LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AMAL LTD. Discounted cash flow · base FY26
AMAL LTD.
Value per share, this model₹631
CMP 2026-09-10₹741.00
Difference(14.8)%
Growth the CMP implies35.3%/yr
This note states the assumptions and the arithmetic of one model of AMAL 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 77.1% · 5-yr CAGR 51.1%
EBITDA margin
14.9%
FY26 14.9% · 5-yr average 12.9%
Depreciation · capex, % of revenue
3.9% · 2.9%, fading to 1.2× depreciation
FY26 3.9% · 2.9%
Working capital, % of added revenue · tax
5.6% · 19.9%
21 working-capital days · effective 19.9%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
1.24 crore
1.24 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
240
312
405
526
684
890
growth %
77.1
30.0
30.0
30.0
30.0
30.0
EBITDA
36
46
60
78
102
133
Depreciation
(9)
(12)
(16)
(21)
(27)
(35)
NOPAT
21
27
36
46
60
78
less capex
(7)
(9)
(14)
(20)
(29)
(42)
less working-capital build
—
(4)
(5)
(7)
(9)
(11)
Free cash flow to firm
—
27
33
40
49
60
Present value
25
28
31
34
37
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 · AMAL LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
156
PV of the terminal value (80% of EV)
623
Enterprise value
778
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
780
÷ 1.24 crore shares
₹631
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
653
703
763
837
929
10.5%
600
642
691
750
823
11.0%
555
590
631
680
738
11.5%
516
546
581
621
668
12.0%
482
508
537
571
611
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
