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Model Note · ASIAN TEA & EXPORTS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASIAN TEA & EXPORTS LTD. Discounted cash flow · base FY26
ASIAN TEA & EXPORTS LTD.
Value per share, this model₹(81)
CMP 2026-09-10₹9.25
Difference(977.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASIAN TEA & EXPORTS 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
28% a year
FY26 28.0% · 5-yr CAGR (10.3)%
EBITDA margin
0.8%
FY26 0.8% · 5-yr average 0.5%
Depreciation · capex, % of revenue
0.4% · 5.8%, fading to 1.2× depreciation
FY26 0.4% · 5.8%
Working capital, % of added revenue · tax
27.9% · 11.6%
102 working-capital days · effective 11.6%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹14 · ₹0 · ₹0 cr
FY26 net debt ₹14 cr
Shares
2.49 crore
2.49 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
69
88
112
144
184
235
growth %
28.0
28.0
28.0
28.0
28.0
28.0
EBITDA
1
1
1
1
1
2
Depreciation
(0)
(0)
(0)
(1)
(1)
(1)
NOPAT
0
0
0
1
1
1
less capex
(4)
(5)
(5)
(5)
(3)
(1)
less working-capital build
—
(5)
(7)
(9)
(11)
(14)
Free cash flow to firm
—
(10)
(11)
(12)
(13)
(14)
Present value
(9)
(9)
(9)
(9)
(9)
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 TEA & EXPORTS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(46)
PV of the terminal value (—% of EV)
(143)
Enterprise value
(188)
less net debt
(14)
less non-controlling interest
0
add non-operating investments
0
Equity value
(202)
÷ 2.49 crore shares
₹(81)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(84)
(89)
(96)
(105)
(115)
10.5%
(78)
(82)
(88)
(95)
(103)
11.0%
(73)
(76)
(81)
(87)
(93)
11.5%
(68)
(71)
(75)
(80)
(85)
12.0%
(64)
(67)
(70)
(74)
(79)
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
