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Model Note · ARVIND FASHIONS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARVIND FASHIONS LIMITED Discounted cash flow · base FY26
ARVIND FASHIONS LIMITED
Value per share, this model₹253
CMP 2026-09-10₹444.00
Difference(43.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ARVIND FASHIONS 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
14% a year
FY26 14.0% · 5-yr CAGR 19.1%
EBITDA margin
12.9%
FY26 12.9% · 5-yr average 10.8%
Depreciation · capex, % of revenue
5.5% · 2.1%, fading to 1.2× depreciation
FY26 5.5% · 2.1%
Working capital, % of added revenue · tax
14.3% · 29.4%
52 working-capital days · effective 29.4%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹481 · ₹0 · ₹0 cr
FY26 net debt ₹481 cr
Shares
13.39 crore
13.39 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
5,266
6,003
6,844
7,802
8,894
10,140
growth %
14.0
14.0
14.0
14.0
14.0
14.0
EBITDA
681
774
883
1,006
1,147
1,308
Depreciation
(290)
(330)
(376)
(429)
(489)
(558)
NOPAT
276
314
358
408
465
530
less capex
(109)
(126)
(221)
(339)
(487)
(669)
less working-capital build
—
(105)
(120)
(137)
(156)
(178)
Free cash flow to firm
—
412
393
360
311
240
Present value
391
336
278
216
150
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 · ARVIND FASHIONS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,371
PV of the terminal value (65% of EV)
2,494
Enterprise value
3,865
less net debt
(481)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,384
÷ 13.39 crore shares
₹253
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
261
280
302
329
363
10.5%
242
257
275
297
324
11.0%
225
238
253
271
292
11.5%
210
221
234
248
266
12.0%
197
206
217
230
244
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
