This note states the assumptions and the arithmetic of one model of ANTONY WASTE HDG CELL 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
13% a year
FY26 12.8% · 5-yr CAGR 17.8%
EBITDA margin
19.5%
FY26 19.5% · 5-yr average 20.7%
Depreciation · capex, % of revenue
8.1% · 5.7%, fading to 1.2× depreciation
FY26 8.1% · 5.7%
Working capital, % of added revenue · tax
19.6% · -2.2%
71 working-capital days · effective (2.2)%
Discount rate
11.00%
1-yr beta 1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹316 · ₹0 · ₹0 cr
FY26 net debt ₹316 cr
Shares
2.84 crore
2.84 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
1,053
1,190
1,345
1,520
1,717
1,940
growth %
12.8
13.0
13.0
13.0
13.0
13.0
EBITDA
205
232
262
296
335
378
Depreciation
(86)
(96)
(109)
(123)
(139)
(157)
NOPAT
122
139
157
177
200
226
less capex
(60)
(68)
(90)
(117)
(150)
(189)
less working-capital build
—
(27)
(30)
(34)
(39)
(44)
Free cash flow to firm
—
140
145
149
151
151
Present value
133
124
115
105
94
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 · ANTONY WASTE HDG CELL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
571
PV of the terminal value (73% of EV)
1,567
Enterprise value
2,138
less net debt
(316)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,822
÷ 2.84 crore shares
₹642
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
666
721
787
868
969
10.5%
608
654
708
773
852
11.0%
559
597
642
695
759
11.5%
516
548
586
630
682
12.0%
478
506
538
575
619
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
