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Model Note · ASTER DM QUALITY CARE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASTER DM QUALITY CARE LTD Discounted cash flow · base FY26
ASTER DM QUALITY CARE LTD
Value per share, this model₹170
CMP 2026-09-10₹766.00
Difference(77.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASTER DM QUALITY CARE 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
12% a year
FY26 12.2% · 5-yr CAGR (11.6)%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 15.8%
Depreciation · capex, % of revenue
5.7% · 10.1%, fading to 1.2× depreciation
FY26 5.7% · 10.1%
Working capital, % of added revenue · tax
0% · 23.5%
-6 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 0.32
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹473 · ₹0 · ₹0 cr
FY26 net debt ₹473 cr
Shares
51.81 crore
51.81 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
4,643
5,200
5,824
6,523
7,306
8,183
growth %
12.2
12.0
12.0
12.0
12.0
12.0
EBITDA
868
972
1,089
1,220
1,366
1,530
Depreciation
(264)
(296)
(332)
(372)
(416)
(466)
NOPAT
462
517
579
649
727
814
less capex
(469)
(525)
(541)
(553)
(559)
(560)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
288
370
468
584
721
Present value
274
317
361
405
450
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 · ASTER DM QUALITY CARE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,807
PV of the terminal value (81% of EV)
7,483
Enterprise value
9,289
less net debt
(473)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,816
÷ 51.81 crore shares
₹170
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
176
191
208
229
255
10.5%
161
173
187
204
225
11.0%
148
158
170
184
201
11.5%
137
146
156
167
181
12.0%
127
135
143
153
164
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
