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Model Note · ANAND RATHI SH N STK BR L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ANAND RATHI SH N STK BR L Discounted cash flow · base FY26
ANAND RATHI SH N STK BR L
Value per share, this model₹719
CMP 2026-09-10₹492.05
Difference46.1%
Growth the CMP implies0.6%/yr
This note states the assumptions and the arithmetic of one model of ANAND RATHI SH N STK BR L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
40.7%
FY26 40.7% · 5-yr average 40.7%
Depreciation · capex, % of revenue
2.8% · 1.8%, fading to 1.2× depreciation
FY26 2.8% · 1.8%
Working capital, % of added revenue · tax
0% · 24.7%
-1750 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 1.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹752 · ₹0 · ₹0 cr
FY26 net debt ₹752 cr
Shares
6.30 crore
6.30 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
932
1,007
1,087
1,174
1,268
1,370
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
380
410
443
478
516
557
Depreciation
(26)
(28)
(30)
(33)
(36)
(38)
NOPAT
266
287
310
335
362
391
less capex
(17)
(18)
(24)
(30)
(38)
(46)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
297
317
338
360
383
Present value
282
271
260
250
240
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 · ANAND RATHI SH N STK BR L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,303
PV of the terminal value (75% of EV)
3,980
Enterprise value
5,282
less net debt
(752)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,530
÷ 6.30 crore shares
₹719
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
746
809
885
977
1,092
10.5%
680
732
794
868
959
11.0%
623
667
719
780
852
11.5%
574
612
655
706
765
12.0%
531
564
600
643
692
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
