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Model Note · ARROW GREENTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARROW GREENTECH LIMITED Discounted cash flow · base FY26
ARROW GREENTECH LIMITED
Value per share, this model₹348
CMP 2026-09-10₹805.00
Difference(56.8)%
Growth the CMP implies25.9%/yr
This note states the assumptions and the arithmetic of one model of ARROW GREENTECH LIMITED, 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 (17.6)% · 5-yr CAGR 30.8%
EBITDA margin
32.2%
FY26 32.2% · 5-yr average 19.9%
Depreciation · capex, % of revenue
3.9% · 2.1%, fading to 1.2× depreciation
FY26 3.9% · 2.1%
Working capital, % of added revenue · tax
26.9% · 27%
98 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(27) · ₹0 · ₹0 cr
FY26 net debt ₹(27) cr
Shares
1.51 crore
1.51 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
201
190
181
172
163
155
growth %
(17.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
65
61
58
55
53
50
Depreciation
(8)
(7)
(7)
(7)
(6)
(6)
NOPAT
41
39
37
36
34
32
less capex
(4)
(4)
(5)
(6)
(7)
(7)
less working-capital build
—
3
3
2
2
2
Free cash flow to firm
—
45
42
39
36
33
Present value
43
36
30
25
21
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 · ARROW GREENTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
155
PV of the terminal value (69% of EV)
343
Enterprise value
498
less net debt
27
less non-controlling interest
0
add non-operating investments
0
Equity value
525
÷ 1.51 crore shares
₹348
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
358
381
408
441
483
10.5%
334
353
375
402
434
11.0%
313
329
348
370
396
11.5%
296
309
325
343
364
12.0%
280
291
305
320
338
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
