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Model Note · APAR INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
APAR INDUSTRIES LTD. Discounted cash flow · base FY26
APAR INDUSTRIES LTD.
Value per share, this model₹6,124
CMP 2026-09-10₹17,499.00
Difference(65.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of APAR INDUSTRIES 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
23.5% a year
FY26 23.3% · 5-yr CAGR 29.1%
EBITDA margin
8%
FY26 8.0% · 5-yr average 8.0%
Depreciation · capex, % of revenue
0.7% · 3.2%, fading to 1.2× depreciation
FY26 0.7% · 3.2%
Working capital, % of added revenue · tax
11.5% · 25.4%
42 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹172 · ₹0 · ₹0 cr
FY26 net debt ₹172 cr
Shares
4.02 crore
4.02 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
22,902
28,284
34,931
43,140
53,277
65,798
growth %
23.3
23.5
23.5
23.5
23.5
23.5
EBITDA
1,843
2,263
2,794
3,451
4,262
5,264
Depreciation
(161)
(198)
(245)
(302)
(373)
(461)
NOPAT
1,255
1,540
1,902
2,349
2,901
3,583
less capex
(737)
(905)
(912)
(871)
(762)
(553)
less working-capital build
—
(619)
(764)
(944)
(1,166)
(1,440)
Free cash flow to firm
—
214
471
836
1,347
2,051
Present value
203
403
644
935
1,283
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 · APAR INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,467
PV of the terminal value (86% of EV)
21,303
Enterprise value
24,770
less net debt
(172)
less non-controlling interest
0
add non-operating investments
0
Equity value
24,598
÷ 4.02 crore shares
₹6,124
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
6,342
6,871
7,505
8,280
9,249
10.5%
5,793
6,232
6,751
7,373
8,134
11.0%
5,323
5,692
6,124
6,633
7,245
11.5%
4,916
5,231
5,594
6,018
6,518
12.0%
4,562
4,833
5,142
5,498
5,914
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
