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Model Note · ASIAN STAR CO. LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASIAN STAR CO. LTD. Discounted cash flow · base FY26
ASIAN STAR CO. LTD.
Value per share, this model₹442
CMP, 9 Oct 2026₹642.00
Difference(31.2)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of ASIAN STAR CO. 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
-2.5% a year
FY26 (2.5)% · 5-yr CAGR 2.5%
EBITDA margin
2.2%
FY26 2.2% · 5-yr average 2.7%
Depreciation · capex, % of revenue
0.3% · 0.2%, fading to 1.2× depreciation
FY26 0.3% · 0.2%
Working capital, % of added revenue · tax
56% · 19%
204 working-capital days · effective 19.0%
Discount rate
11.00%
1-yr beta 0.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹376 · ₹0 · ₹0 cr
FY26 net debt ₹376 cr
Shares
1.60 crore
1.60 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
2,882
2,810
2,740
2,671
2,604
2,539
growth %
(2.5)
(2.5)
(2.5)
(2.5)
(2.5)
(2.5)
EBITDA
64
62
60
59
57
56
Depreciation
(10)
(8)
(8)
(8)
(8)
(8)
NOPAT
44
43
42
41
40
39
less capex
(7)
(6)
(7)
(7)
(8)
(9)
less working-capital build
—
40
39
38
37
36
Free cash flow to firm
—
86
83
80
77
74
Present value
82
71
62
53
46
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 STAR CO. LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
314
PV of the terminal value (71% of EV)
769
Enterprise value
1,083
less net debt
(376)
less non-controlling interest
0
add non-operating investments
0
Equity value
707
÷ 1.60 crore shares
₹442
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
463
511
568
639
726
10.5%
413
452
499
556
625
11.0%
369
403
442
488
543
11.5%
332
360
393
431
477
12.0%
299
323
351
384
421
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
