The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · ASAHI INDIA GLASS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASAHI INDIA GLASS LIMITED Discounted cash flow · base FY26
ASAHI INDIA GLASS LIMITED
Value per share, this model₹175
CMP 2026-09-10₹982.00
Difference(82.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASAHI INDIA GLASS 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
8.5% a year
FY26 8.6% · 5-yr CAGR 15.4%
EBITDA margin
18.2%
FY26 18.2% · 5-yr average 19.3%
Depreciation · capex, % of revenue
5.7% · 13.4%, fading to 1.2× depreciation
FY26 5.7% · 13.4%
Working capital, % of added revenue · tax
16.9% · 24.8%
62 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,813 · ₹0 · ₹0 cr
FY26 net debt ₹1,813 cr
Shares
25.49 crore
25.49 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
4,990
5,414
5,874
6,374
6,915
7,503
growth %
8.6
8.5
8.5
8.5
8.5
8.5
EBITDA
906
985
1,069
1,160
1,259
1,366
Depreciation
(285)
(309)
(335)
(363)
(394)
(428)
NOPAT
467
509
552
599
650
705
less capex
(666)
(725)
(691)
(645)
(586)
(513)
less working-capital build
—
(72)
(78)
(84)
(92)
(99)
Free cash flow to firm
—
20
118
233
366
520
Present value
19
101
180
254
325
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 · ASAHI INDIA GLASS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
880
PV of the terminal value (86% of EV)
5,405
Enterprise value
6,284
less net debt
(1,813)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,471
÷ 25.49 crore shares
₹175
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
184
205
231
262
300
10.5%
162
180
201
225
256
11.0%
143
158
175
196
220
11.5%
127
140
154
171
191
12.0%
113
124
136
150
167
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
