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Model Note · ARIHANT CAPITAL MKTS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARIHANT CAPITAL MKTS LTD Discounted cash flow · base FY26
ARIHANT CAPITAL MKTS LTD
Value per share, this model₹51
CMP 2026-09-10₹79.44
Difference(35.6)%
Growth the CMP implies5.4%/yr
This note states the assumptions and the arithmetic of one model of ARIHANT CAPITAL MKTS 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
-5% a year
FY26 (16.6)% · 5-yr CAGR 12.3%
EBITDA margin
32.2%
FY26 32.2% · 5-yr average 39.1%
Depreciation · capex, % of revenue
1.7% · 2%, fading to 1.2× depreciation
FY26 1.7% · 2.0%
Working capital, % of added revenue · tax
0% · 24.8%
0 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 1.65
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(29) · ₹0 · ₹0 cr
FY26 net debt ₹(29) cr
Shares
10.96 crore
10.96 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
206
196
186
177
168
160
growth %
(16.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
66
63
60
57
54
51
Depreciation
(3)
(3)
(3)
(3)
(3)
(3)
NOPAT
47
45
43
41
39
37
less capex
(4)
(4)
(4)
(4)
(3)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
44
42
40
38
36
Present value
42
36
31
26
23
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 · ARIHANT CAPITAL MKTS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
158
PV of the terminal value (70% of EV)
374
Enterprise value
532
less net debt
29
less non-controlling interest
0
add non-operating investments
0
Equity value
561
÷ 10.96 crore shares
₹51
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
53
56
60
65
71
10.5%
49
52
55
59
64
11.0%
46
48
51
54
58
11.5%
43
45
48
50
54
12.0%
41
43
45
47
50
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
