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 · ICICI PRUDENTIAL AMC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ICICI PRUDENTIAL AMC LTD Discounted cash flow · base FY26
ICICI PRUDENTIAL AMC LTD
Value per share, this model₹1,271
CMP 2026-09-10₹3,040.20
Difference(58.2)%
Growth the CMP implies30.6%/yr
This note states the assumptions and the arithmetic of one model of ICICI PRUDENTIAL AMC 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
74.5%
FY26 74.5% · 5-yr average 74.5%
Depreciation · capex, % of revenue
1.8% · 2%, fading to 1.2× depreciation
FY26 1.8% · 2.0%
Working capital, % of added revenue · tax
0% · 25.2%
0 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(134) · ₹0 · ₹0 cr
FY26 net debt ₹(134) cr
Shares
49.43 crore
49.43 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
5,765
6,226
6,724
7,262
7,843
8,470
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
4,294
4,638
5,009
5,410
5,843
6,310
Depreciation
(106)
(112)
(121)
(131)
(141)
(152)
NOPAT
3,133
3,386
3,656
3,949
4,265
4,606
less capex
(115)
(125)
(137)
(151)
(166)
(183)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
3,373
3,640
3,929
4,240
4,576
Present value
3,202
3,113
3,026
2,942
2,861
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 · ICICI PRUDENTIAL AMC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
15,144
PV of the terminal value (76% of EV)
47,519
Enterprise value
62,663
less net debt
134
less non-controlling interest
0
add non-operating investments
0
Equity value
62,797
÷ 49.43 crore shares
₹1,271
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,312
1,408
1,523
1,664
1,839
10.5%
1,212
1,291
1,385
1,498
1,636
11.0%
1,125
1,192
1,271
1,363
1,474
11.5%
1,051
1,108
1,174
1,250
1,341
12.0%
985
1,034
1,090
1,155
1,230
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
