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Model Note · ARIES AGRO LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARIES AGRO LTD. Discounted cash flow · base FY26
ARIES AGRO LTD.
Value per share, this model₹303
CMP 2026-09-10₹475.25
Difference(36.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ARIES AGRO 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
19% a year
FY26 18.9% · 5-yr CAGR 14.2%
EBITDA margin
10.3%
FY26 10.3% · 5-yr average 10.5%
Depreciation · capex, % of revenue
1.5% · 6.6%, fading to 1.2× depreciation
FY26 1.5% · 6.6%
Working capital, % of added revenue · tax
22.6% · 29.7%
82 working-capital days · effective 29.7%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹26 · ₹0 · ₹0 cr
FY26 net debt ₹26 cr
Shares
1.30 crore
1.30 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
740
881
1,048
1,247
1,484
1,766
growth %
18.9
19.0
19.0
19.0
19.0
19.0
EBITDA
76
91
108
128
153
182
Depreciation
(11)
(13)
(16)
(19)
(22)
(26)
NOPAT
46
54
65
77
92
109
less capex
(49)
(58)
(57)
(52)
(45)
(32)
less working-capital build
—
(32)
(38)
(45)
(54)
(64)
Free cash flow to firm
—
(22)
(14)
(2)
16
40
Present value
(21)
(12)
(1)
11
25
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 · ARIES AGRO LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2
PV of the terminal value (99% of EV)
418
Enterprise value
420
less net debt
(26)
less non-controlling interest
0
add non-operating investments
0
Equity value
394
÷ 1.30 crore shares
₹303
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
315
348
386
433
492
10.5%
283
309
341
378
424
11.0%
254
277
303
334
371
11.5%
230
249
271
297
327
12.0%
209
225
244
266
291
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
