The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · CIAN Agro Ind & Infra Ltd · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CIAN Agro Ind & Infra Ltd Discounted cash flow · base FY26
CIAN Agro Ind & Infra Ltd
Value per share, this model₹2,748
CMP 2026-09-10₹1,321.85
Difference107.9%
Growth the CMP implies1.0%/yr
This note states the assumptions and the arithmetic of one model of CIAN Agro Ind & Infra 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 117.1% · 5-yr CAGR 53.1%
EBITDA margin
21.3%
FY26 21.3% · 5-yr average 12.9%
Depreciation · capex, % of revenue
4.8% · 1.6%, fading to 1.2× depreciation
FY26 4.8% · 1.6%
Working capital, % of added revenue · tax
26.9% · 7.6%
98 working-capital days · effective 7.6%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,176 · ₹0 · ₹0 cr
FY26 net debt ₹1,176 cr
Shares
2.80 crore
2.80 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
2,234
2,905
3,776
4,909
6,382
8,296
growth %
117.1
30.0
30.0
30.0
30.0
30.0
EBITDA
476
619
804
1,046
1,359
1,767
Depreciation
(107)
(139)
(181)
(236)
(306)
(398)
NOPAT
341
443
576
748
973
1,265
less capex
(35)
(46)
(100)
(181)
(301)
(478)
less working-capital build
—
(180)
(234)
(305)
(396)
(515)
Free cash flow to firm
—
355
423
499
582
670
Present value
337
362
384
404
419
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 · CIAN Agro Ind & Infra Ltd · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,906
PV of the terminal value (79% of EV)
6,960
Enterprise value
8,866
less net debt
(1,176)
less non-controlling interest
0
add non-operating investments
0
Equity value
7,690
÷ 2.80 crore shares
₹2,748
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,854
3,102
3,400
3,763
4,217
10.5%
2,595
2,801
3,044
3,336
3,693
11.0%
2,372
2,546
2,748
2,987
3,274
11.5%
2,180
2,327
2,498
2,696
2,931
12.0%
2,012
2,138
2,283
2,451
2,646
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
