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Model Note · ASHIRWAD STEELS & INDUSTRIES L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASHIRWAD STEELS & INDUSTRIES L Discounted cash flow · base FY26
ASHIRWAD STEELS & INDUSTRIES L
Value per share, this model₹11
CMP 2026-09-10₹24.20
Difference(56.2)%
Growth the CMP implies38.2%/yr
This note states the assumptions and the arithmetic of one model of ASHIRWAD STEELS & INDUSTRIES L, 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
14.5% a year
FY26 14.5% · 5-yr CAGR 5.6%
EBITDA margin
34.5%
FY26 34.5% · 5-yr average 20.5%
Depreciation · capex, % of revenue
4% · 1.2%, fading to 1.2× depreciation
FY26 4.0% · 1.2%
Working capital, % of added revenue · tax
0% · 24.5%
0 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 0.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
1.25 crore
1.25 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
2
2
3
3
4
4
growth %
14.5
14.5
14.5
14.5
14.5
14.5
EBITDA
1
1
1
1
1
1
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
1
1
1
1
1
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
1
1
1
Present value
1
1
1
1
1
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 · ASHIRWAD STEELS & INDUSTRIES L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3
PV of the terminal value (77% of EV)
9
Enterprise value
12
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
13
÷ 1.25 crore shares
₹11
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
11
12
13
14
15
10.5%
10
11
12
12
13
11.0%
9
10
11
11
12
11.5%
9
9
10
10
11
12.0%
8
9
9
10
10
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
