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Model Note · AMBICA AGAR & AROMAINDLTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AMBICA AGAR & AROMAINDLTD Discounted cash flow · base FY26
AMBICA AGAR & AROMAINDLTD
Value per share, this model₹(20)
CMP, 8 Oct 2026₹23.40
Difference(184.1)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of AMBICA AGAR & AROMAINDLTD, 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
14% a year
FY26 14.1% · 5-yr CAGR (0.1)%
EBITDA margin
7.2%
FY26 7.2% · 5-yr average 7.5%
Depreciation · capex, % of revenue
1.7% · 0.5%, fading to 1.2× depreciation
FY26 1.7% · 0.5%
Working capital, % of added revenue · tax
17.1% · 31.5%
62 working-capital days · effective 31.5%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹88 · ₹0 · ₹0 cr
FY26 net debt ₹88 cr
Shares
1.72 crore
1.72 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
141
161
183
209
238
272
growth %
14.1
14.0
14.0
14.0
14.0
14.0
EBITDA
10
12
13
15
17
20
Depreciation
(2)
(3)
(3)
(4)
(4)
(5)
NOPAT
5
6
7
8
9
10
less capex
(1)
(1)
(2)
(3)
(4)
(6)
less working-capital build
—
(3)
(4)
(4)
(5)
(6)
Free cash flow to firm
—
5
5
4
4
4
Present value
4
4
3
3
2
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 · AMBICA AGAR & AROMAINDLTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
17
PV of the terminal value (69% of EV)
37
Enterprise value
54
less net debt
(88)
less non-controlling interest
0
add non-operating investments
0
Equity value
(34)
÷ 1.72 crore shares
₹(20)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(19)
(17)
(14)
(11)
(7)
10.5%
(21)
(19)
(17)
(15)
(11)
11.0%
(23)
(21)
(20)
(18)
(15)
11.5%
(25)
(23)
(22)
(20)
(18)
12.0%
(26)
(25)
(24)
(22)
(21)
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
