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Model Note · ASTRA MICROWAVE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASTRA MICROWAVE LTD Discounted cash flow · base FY26
ASTRA MICROWAVE LTD
Value per share, this model₹193
CMP 2026-09-10₹1,688.50
Difference(88.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASTRA MICROWAVE 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
10.5% a year
FY26 10.6% · 5-yr CAGR 12.7%
EBITDA margin
28.7%
FY26 28.7% · 5-yr average 21.1%
Depreciation · capex, % of revenue
3.8% · 6.7%, fading to 1.2× depreciation
FY26 3.8% · 6.7%
Working capital, % of added revenue · tax
102.4% · 26.8%
374 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹113 · ₹0 · ₹0 cr
FY26 net debt ₹113 cr
Shares
9.49 crore
9.49 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
1,163
1,285
1,420
1,569
1,734
1,916
growth %
10.6
10.5
10.5
10.5
10.5
10.5
EBITDA
334
369
407
450
498
550
Depreciation
(44)
(49)
(54)
(60)
(66)
(73)
NOPAT
212
234
259
286
316
349
less capex
(78)
(86)
(88)
(88)
(88)
(87)
less working-capital build
—
(125)
(138)
(153)
(169)
(186)
Free cash flow to firm
—
72
87
105
125
148
Present value
68
74
81
87
93
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 · ASTRA MICROWAVE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
403
PV of the terminal value (79% of EV)
1,539
Enterprise value
1,942
less net debt
(113)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,829
÷ 9.49 crore shares
₹193
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
200
216
235
259
288
10.5%
183
196
212
231
254
11.0%
168
179
193
208
227
11.5%
156
165
176
189
205
12.0%
145
153
162
173
186
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
