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Model Note · UTI ASSET MNGMT CO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UTI ASSET MNGMT CO LTD Discounted cash flow · base FY26
UTI ASSET MNGMT CO LTD
Value per share, this model₹411
CMP 2026-09-10₹910.45
Difference(54.9)%
Growth the CMP implies13.7%/yr
This note states the assumptions and the arithmetic of one model of UTI ASSET MNGMT CO 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
-5% a year
FY26 (8.3)% · 5-yr CAGR 7.8%
EBITDA margin
41.2%
FY26 41.2% · 5-yr average 52.3%
Depreciation · capex, % of revenue
3% · 4%, fading to 1.2× depreciation
FY26 3.0% · 4.0%
Working capital, % of added revenue · tax
0% · 27.5%
0 working-capital days · effective 27.5%
Discount rate
11.00%
1-yr beta 1.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(36) · ₹0 · ₹0 cr
FY26 net debt ₹(36) cr
Shares
12.85 crore
12.85 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
1,698
1,613
1,532
1,456
1,383
1,314
growth %
(8.3)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
700
665
631
600
570
541
Depreciation
(51)
(48)
(46)
(44)
(41)
(39)
NOPAT
470
447
424
403
383
364
less capex
(68)
(65)
(60)
(55)
(51)
(47)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
431
411
392
373
356
Present value
409
351
302
259
223
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 · UTI ASSET MNGMT CO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,543
PV of the terminal value (71% of EV)
3,697
Enterprise value
5,240
less net debt
36
less non-controlling interest
0
add non-operating investments
0
Equity value
5,276
÷ 12.85 crore shares
₹411
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
423
452
486
528
581
10.5%
393
417
445
479
520
11.0%
367
387
411
438
471
11.5%
345
362
381
404
431
12.0%
325
340
356
376
398
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
