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Model Note · ASHAPURA MINECHEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASHAPURA MINECHEM LTD Discounted cash flow · base FY26
ASHAPURA MINECHEM LTD
Value per share, this model₹898
CMP 2026-09-10₹542.00
Difference65.7%
Growth the CMP implies9.6%/yr
This note states the assumptions and the arithmetic of one model of ASHAPURA MINECHEM 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
30% a year
FY26 91.2% · 5-yr CAGR 35.5%
EBITDA margin
10.5%
FY26 10.5% · 5-yr average 10.8%
Depreciation · capex, % of revenue
2.5% · 5.3%, fading to 1.2× depreciation
FY26 2.5% · 5.3%
Working capital, % of added revenue · tax
12.4% · 6.7%
45 working-capital days · effective 6.7%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,128 · ₹0 · ₹0 cr
FY26 net debt ₹1,128 cr
Shares
9.56 crore
9.56 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
5,237
6,808
8,851
11,506
14,958
19,445
growth %
91.2
30.0
30.0
30.0
30.0
30.0
EBITDA
550
715
929
1,208
1,571
2,042
Depreciation
(133)
(170)
(221)
(288)
(374)
(486)
NOPAT
390
508
661
859
1,116
1,451
less capex
(279)
(361)
(418)
(477)
(535)
(583)
less working-capital build
—
(195)
(253)
(329)
(428)
(556)
Free cash flow to firm
—
123
210
340
528
798
Present value
116
180
262
366
499
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 · ASHAPURA MINECHEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,423
PV of the terminal value (85% of EV)
8,285
Enterprise value
9,708
less net debt
(1,128)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,580
÷ 9.56 crore shares
₹898
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
934
1,020
1,124
1,251
1,409
10.5%
844
916
1,001
1,102
1,227
11.0%
767
827
898
981
1,081
11.5%
701
752
811
881
962
12.0%
643
687
737
796
864
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
