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Model Note · ANAND RATHI WEALTH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ANAND RATHI WEALTH LTD Discounted cash flow · base FY26
ANAND RATHI WEALTH LTD
Value per share, this model₹701
CMP 2026-09-10₹2,210.00
Difference(68.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ANAND RATHI WEALTH 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
22.5% a year
FY26 22.3% · 5-yr CAGR —%
EBITDA margin
41.9%
FY26 41.9% · 5-yr average 42.5%
Depreciation · capex, % of revenue
3% · 1.2%, fading to 1.2× depreciation
FY26 3.0% · 1.2%
Working capital, % of added revenue · tax
3.7% · 25.9%
14 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(224) · ₹0 · ₹0 cr
FY26 net debt ₹(224) cr
Shares
16.60 crore
16.60 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
1,149
1,407
1,724
2,112
2,587
3,169
growth %
22.3
22.5
22.5
22.5
22.5
22.5
EBITDA
481
590
722
885
1,084
1,328
Depreciation
(34)
(42)
(52)
(63)
(78)
(95)
NOPAT
331
406
497
609
746
913
less capex
(13)
(17)
(31)
(51)
(78)
(114)
less working-capital build
—
(10)
(12)
(14)
(18)
(22)
Free cash flow to firm
—
421
506
607
728
873
Present value
400
433
468
505
546
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 WEALTH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,351
PV of the terminal value (79% of EV)
9,066
Enterprise value
11,417
less net debt
224
less non-controlling interest
0
add non-operating investments
0
Equity value
11,641
÷ 16.60 crore shares
₹701
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
724
779
844
924
1,024
10.5%
667
713
766
830
909
11.0%
619
657
701
754
817
11.5%
576
609
646
690
741
12.0%
540
567
599
636
679
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
