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Model Note · ARVIND SMARTSPACES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARVIND SMARTSPACES LTD Discounted cash flow · base FY26
ARVIND SMARTSPACES LTD
Value per share, this model₹426
CMP 2026-09-10₹602.90
Difference(29.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ARVIND SMARTSPACES 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 (20.9)% · 5-yr CAGR 30.5%
EBITDA margin
26.9%
FY26 26.9% · 5-yr average 24.3%
Depreciation · capex, % of revenue
1.1% · 8.3%, fading to 1.2× depreciation
FY26 1.1% · 8.3%
Working capital, % of added revenue · tax
360.9% · 23.5%
1317 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹451 · ₹0 · ₹0 cr
FY26 net debt ₹451 cr
Shares
4.59 crore
4.59 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
564
536
509
484
459
436
growth %
(20.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
152
144
137
130
124
117
Depreciation
(6)
(6)
(6)
(5)
(5)
(5)
NOPAT
111
106
100
95
91
86
less capex
(47)
(44)
(33)
(23)
(14)
(6)
less working-capital build
—
102
97
92
87
83
Free cash flow to firm
—
169
169
169
169
168
Present value
160
145
130
117
105
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 SMARTSPACES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
658
PV of the terminal value (73% of EV)
1,746
Enterprise value
2,404
less net debt
(451)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,953
÷ 4.59 crore shares
₹426
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
443
480
526
582
651
10.5%
403
434
471
516
571
11.0%
368
395
426
462
506
11.5%
339
361
387
418
453
12.0%
313
332
354
380
410
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
