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Model Note · AMARA RAJA ENERGY MOB LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AMARA RAJA ENERGY MOB LTD Discounted cash flow · base FY26
AMARA RAJA ENERGY MOB LTD
Value per share, this model₹507
CMP 2026-09-10₹815.95
Difference(37.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AMARA RAJA ENERGY MOB 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
7.5% a year
FY26 7.5% · 5-yr CAGR 14.1%
EBITDA margin
12.7%
FY26 12.7% · 5-yr average 12.9%
Depreciation · capex, % of revenue
4.4% · 9.7%, fading to 1.2× depreciation
FY26 4.4% · 9.7%
Working capital, % of added revenue · tax
18.6% · 25.8%
68 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹50 · ₹0 · ₹0 cr
FY26 net debt ₹50 cr
Shares
18.30 crore
18.30 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
13,814
14,850
15,964
17,161
18,448
19,832
growth %
7.5
7.5
7.5
7.5
7.5
7.5
EBITDA
1,752
1,886
2,027
2,179
2,343
2,519
Depreciation
(607)
(653)
(702)
(755)
(812)
(873)
NOPAT
850
915
983
1,057
1,136
1,221
less capex
(1,341)
(1,440)
(1,372)
(1,285)
(1,178)
(1,047)
less working-capital build
—
(193)
(207)
(223)
(239)
(257)
Free cash flow to firm
—
(65)
106
304
531
789
Present value
(62)
91
234
368
494
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 · AMARA RAJA ENERGY MOB LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,125
PV of the terminal value (88% of EV)
8,199
Enterprise value
9,324
less net debt
(50)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,274
÷ 18.30 crore shares
₹507
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
525
570
623
689
771
10.5%
479
516
560
612
677
11.0%
439
470
507
550
602
11.5%
405
431
462
498
540
12.0%
375
398
424
454
489
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
