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Model Note · AXTEL INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AXTEL INDUSTRIES LTD. Discounted cash flow · base FY26
AXTEL INDUSTRIES LTD.
Value per share, this model₹419
CMP 2026-09-10₹440.00
Difference(4.8)%
Growth the CMP implies28.1%/yr
This note states the assumptions and the arithmetic of one model of AXTEL INDUSTRIES 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
25.5% a year
FY26 25.3% · 5-yr CAGR 7.8%
EBITDA margin
18.2%
FY26 18.2% · 5-yr average 15.4%
Depreciation · capex, % of revenue
2.2% · 3.5%, fading to 1.2× depreciation
FY26 2.2% · 3.5%
Working capital, % of added revenue · tax
20.5% · 24.7%
75 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(16) · ₹0 · ₹0 cr
FY26 net debt ₹(16) cr
Shares
1.62 crore
1.62 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
224
281
352
442
555
697
growth %
25.3
25.5
25.5
25.5
25.5
25.5
EBITDA
41
51
64
81
101
127
Depreciation
(5)
(6)
(8)
(10)
(12)
(15)
NOPAT
27
34
42
53
67
84
less capex
(8)
(10)
(12)
(14)
(16)
(18)
less working-capital build
—
(12)
(15)
(18)
(23)
(29)
Free cash flow to firm
—
18
24
31
40
52
Present value
18
20
24
28
32
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 · AXTEL INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
122
PV of the terminal value (82% of EV)
538
Enterprise value
661
less net debt
16
less non-controlling interest
0
add non-operating investments
0
Equity value
677
÷ 1.62 crore shares
₹419
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
433
466
506
555
616
10.5%
398
426
458
498
545
11.0%
369
392
419
451
489
11.5%
343
363
385
412
444
12.0%
320
337
357
379
405
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
