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Model Note · ASTRAL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASTRAL LIMITED Discounted cash flow · base FY26
ASTRAL LIMITED
Value per share, this model₹413
CMP 2026-09-10₹1,411.40
Difference(70.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASTRAL LIMITED, 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
12.5% a year
FY26 12.6% · 5-yr CAGR 15.6%
EBITDA margin
15.8%
FY26 15.8% · 5-yr average 16.2%
Depreciation · capex, % of revenue
4.4% · 7%, fading to 1.2× depreciation
FY26 4.4% · 7.0%
Working capital, % of added revenue · tax
6.7% · 26.8%
24 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(737) · ₹0 · ₹0 cr
FY26 net debt ₹(737) cr
Shares
26.90 crore
26.90 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
6,569
7,390
8,313
9,353
10,522
11,837
growth %
12.6
12.5
12.5
12.5
12.5
12.5
EBITDA
1,039
1,168
1,314
1,478
1,662
1,870
Depreciation
(292)
(325)
(366)
(412)
(463)
(521)
NOPAT
547
617
694
780
878
988
less capex
(459)
(517)
(546)
(574)
(601)
(625)
less working-capital build
—
(55)
(62)
(70)
(78)
(88)
Free cash flow to firm
—
370
451
548
662
795
Present value
351
386
422
459
497
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 · ASTRAL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,116
PV of the terminal value (80% of EV)
8,261
Enterprise value
10,377
less net debt
737
less non-controlling interest
0
add non-operating investments
0
Equity value
11,114
÷ 26.90 crore shares
₹413
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
426
457
494
538
595
10.5%
394
420
450
486
530
11.0%
367
388
413
443
478
11.5%
343
361
382
407
436
12.0%
322
338
356
377
401
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
