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Model Note · ASIAN HOTELS (WEST) LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASIAN HOTELS (WEST) LTD Discounted cash flow · base FY26
ASIAN HOTELS (WEST) LTD
Value per share, this model₹997
CMP 2026-09-20₹545.00
Difference82.9%
Growth the CMP implies(2.7)%/yr
This note states the assumptions and the arithmetic of one model of ASIAN HOTELS (WEST) 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
6% a year
FY26 6.1% · 5-yr CAGR 27.1%
EBITDA margin
39.3%
FY26 39.3% · 5-yr average 34.6%
Depreciation · capex, % of revenue
9.8% · 12.4%, fading to 1.2× depreciation
FY26 9.8% · 12.4%
Working capital, % of added revenue · tax
0% · 23.1%
-6 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹501 · ₹0 · ₹0 cr
FY26 net debt ₹501 cr
Shares
1.17 crore
1.17 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
435
462
489
519
550
583
growth %
6.1
6.0
6.0
6.0
6.0
6.0
EBITDA
171
181
192
204
216
229
Depreciation
(43)
(45)
(48)
(51)
(54)
(57)
NOPAT
99
105
111
118
125
132
less capex
(54)
(57)
(60)
(63)
(66)
(69)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
93
99
106
113
121
Present value
88
85
82
78
76
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 · ASIAN HOTELS (WEST) LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
408
PV of the terminal value (75% of EV)
1,254
Enterprise value
1,662
less net debt
(501)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,161
÷ 1.17 crore shares
₹997
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,044
1,151
1,280
1,437
1,634
10.5%
931
1,020
1,125
1,252
1,406
11.0%
834
909
997
1,100
1,224
11.5%
750
814
888
974
1,076
12.0%
677
732
795
867
952
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
