This note states the assumptions and the arithmetic of one model of ASSO ALCOHOLS & BREW 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
-5% a year
FY26 (5.8)% · 5-yr CAGR —%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 12.8%
Depreciation · capex, % of revenue
2.4% · 5.5%, fading to 1.2× depreciation
FY26 2.4% · 5.5%
Working capital, % of added revenue · tax
15.6% · 25.2%
57 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹55 · ₹0 · ₹0 cr
FY26 net debt ₹55 cr
Shares
2.01 crore
2.01 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
1,033
982
933
886
842
800
growth %
(5.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
143
135
129
122
116
110
Depreciation
(24)
(24)
(22)
(21)
(20)
(19)
NOPAT
89
84
80
76
72
68
less capex
(57)
(54)
(45)
(37)
(30)
(23)
less working-capital build
—
8
8
7
7
7
Free cash flow to firm
—
61
64
67
69
71
Present value
58
55
52
48
44
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 · ASSO ALCOHOLS & BREW LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
257
PV of the terminal value (74% of EV)
736
Enterprise value
994
less net debt
(55)
less non-controlling interest
0
add non-operating investments
0
Equity value
939
÷ 2.01 crore shares
₹467
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
484
520
564
618
685
10.5%
445
475
511
554
607
11.0%
412
438
467
503
545
11.5%
383
405
430
460
494
12.0%
358
377
399
423
452
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
