This note states the assumptions and the arithmetic of one model of AVIO SMART MRKT STACK 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
30% a year
FY26 97.5% · 5-yr CAGR 10.4%
EBITDA margin
4.6%
FY26 4.6% · 5-yr average 182.0%
Depreciation · capex, % of revenue
0.1% · 1.7%, fading to 1.2× depreciation
FY26 0.1% · 1.7%
Working capital, % of added revenue · tax
4.4% · 14.1%
16 working-capital days · effective 14.1%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹8 · ₹0 · ₹0 cr
FY26 net debt ₹8 cr
Shares
30.46 crore
30.46 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
104
135
176
228
297
386
growth %
97.5
30.0
30.0
30.0
30.0
30.0
EBITDA
5
6
8
11
14
18
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
4
5
7
9
11
15
less capex
(2)
(2)
(2)
(2)
(2)
(0)
less working-capital build
—
(1)
(2)
(2)
(3)
(4)
Free cash flow to firm
—
2
3
5
7
11
Present value
2
2
4
5
7
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 · AVIO SMART MRKT STACK LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
20
PV of the terminal value (85% of EV)
113
Enterprise value
133
less net debt
(8)
less non-controlling interest
0
add non-operating investments
0
Equity value
125
÷ 30.46 crore shares
₹4
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4
5
5
6
6
10.5%
4
4
5
5
6
11.0%
4
4
4
4
5
11.5%
3
3
4
4
4
12.0%
3
3
3
4
4
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
