This note states the assumptions and the arithmetic of one model of RAS RESORTS & APART HOTELS 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
0% a year
FY26 0.2% · 5-yr CAGR 23.8%
EBITDA margin
10.8%
FY26 10.8% · 5-yr average 9.7%
Depreciation · capex, % of revenue
3.9% · 0.2%, fading to 1.2× depreciation
FY26 3.9% · 0.2%
Working capital, % of added revenue · tax
0.3% · 27.2%
1 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.40 crore
0.40 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
13
13
13
13
13
13
growth %
0.2
0.0
0.0
0.0
0.0
0.0
EBITDA
1
1
1
1
1
1
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
1
1
1
1
1
1
less capex
(0)
(0)
(0)
(0)
(0)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
1
1
1
Present value
1
1
1
0
0
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 · RAS RESORTS & APART HOTELS LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3
PV of the terminal value (63% of EV)
6
Enterprise value
9
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
8
÷ 0.40 crore shares
₹20
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
21
23
24
26
29
10.5%
20
21
22
24
26
11.0%
18
19
20
22
24
11.5%
17
18
19
20
22
12.0%
16
17
18
19
20
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
