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Model Note · ANTELOPUS SELAN ENRGY LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ANTELOPUS SELAN ENRGY LTD Discounted cash flow · base FY26
ANTELOPUS SELAN ENRGY LTD
Value per share, this model₹268
CMP 2026-09-10₹1,140.20
Difference(76.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ANTELOPUS SELAN ENRGY 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
8% a year
FY26 8.1% · 5-yr CAGR 41.7%
EBITDA margin
56.9%
FY26 56.9% · 5-yr average 30.2%
Depreciation · capex, % of revenue
17% · 78.5%, fading to 1.2× depreciation
FY26 17.0% · 78.5%
Working capital, % of added revenue · tax
35.8% · 25%
131 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta -0.45
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
3.52 crore
3.52 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
279
301
325
351
379
410
growth %
8.1
8.0
8.0
8.0
8.0
8.0
EBITDA
159
171
185
200
216
233
Depreciation
(47)
(51)
(55)
(60)
(65)
(70)
NOPAT
83
90
97
105
114
123
less capex
(219)
(236)
(208)
(174)
(133)
(84)
less working-capital build
—
(8)
(9)
(9)
(10)
(11)
Free cash flow to firm
—
(103)
(64)
(18)
35
98
Present value
(98)
(55)
(14)
25
61
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 · ANTELOPUS SELAN ENRGY LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(81)
PV of the terminal value (109% of EV)
1,016
Enterprise value
935
less net debt
6
less non-controlling interest
0
add non-operating investments
0
Equity value
941
÷ 3.52 crore shares
₹268
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
279
307
342
384
437
10.5%
249
273
301
335
377
11.0%
224
244
268
295
329
11.5%
202
219
239
262
290
12.0%
183
198
215
234
257
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
