NSE · India · Staffing & Employment Services

Aarvi Encon Limited AARVI.NS

Price ₹132.98Mkt cap 197 croreReports in INRData 1 Nov 2026

Value estimate · 50% DCF, 50% peers₹275.00+106.8%+106.8% vs ₹132.98

DCF (base)₹227.27+70.9% vs price · WACC 10.9%

Peers₹323.362 peers · median EV/EBITDA 15.2x

Price implies-16.6%revenue growth a year; your case 10.4%

Chance worth more74%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 15.6%
EBIT marginFY23–FY26 avg 3.2%
Tax rateFY23–FY26 avg 9.0%
D&A % of revenueFY23–FY26 avg 0.3%
Capex % of revenueFY23–FY26 avg 0.7%
Working capital % of revenue changeFY23–FY26 avg 8.6%

No usable consensus estimate: the first years start from history. The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 0.81 (R² 0.09)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 11.29%
Weight of equity: 88.1%
After-tax cost of debt: 8.01%
WACC: 10.90%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisNo consensus revenue estimate: the first forecast years start from history.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

Priced for slower growth than it has delivered

Favourable
At today's price of ₹132.98, the market is pricing in revenue growth of about -16.6% a year for FY27E–FY31E, holding the rest of your base case. Aarvi Encon Limited's revenue grew 14.4% a year between FY23 and FY26, so the price asks for less than it has delivered.
Favourable
Your base case assumes 10.4% revenue growth a year on average, more than the price implies, and values the shares at ₹227.27, 71% above today's price.
Favourable
If your base case comes true, the whole business would return about 14.7% a year at today's price, 3.8 percentage points more than the 10.9% a year the model requires (the WACC).
Favourable
About 18% of today's price pays for future growth. The other 82%, ₹109.48 a share, is what FY26 operating profit after tax is worth if it never grows.
Favourable
Across 2,000 simulated futures around your base case, the middle 80% of values runs from ₹40.20 to ₹437.03 a share, and 74% of them are worth more than today's price.
Favourable
Business health grade A (84 out of 100): passes most quality and accounting screens, with 4 strengths and 1 red flag (top concern: profit isn't turning into cash).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	₹76.02	₹227	₹447
DCF sensitivity (WACC and g ±1 point)	₹171	₹227	₹341
Monte Carlo (middle 80% of 2,000 runs)	₹40.20	₹226	₹437
EV/EBITDA comps (25th to 75th percentile)	₹221	₹221	₹221
P/E comps (25th to 75th percentile)	₹426	₹426	₹426
52-week share price (trading range)	₹116	–	₹168

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeA84 / 100

Grade A (84/100): passes most quality and accounting screens, with 4 strengths and 1 red flag (top concern: profit isn't turning into cash).

Piotroski F-score7 / 9nine tests of strength

Altman Z''6.01Safe zone · safe above 2.60

Beneish M-score−2.18No flag · cut-off −1.78

Red flags 1

Profit isn't turning into cash: operations produced 29% of reported profit over 4 years.

Strengths 4

Strong fundamentals: Piotroski F-score is 7 of 9 for FY26.
Comfortable balance sheet: Altman Z'' is 6.01, in the safe zone (above 2.60).
Low debt: net debt is only 0.4x EBITDA in FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −2.18, below the −1.78 cut-off.

Cash conversion Weak29%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Fair14.1%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong.

Return on equity Fair13.2%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover Good7.4xEBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA Good0.4x(Borrowings − cash) ÷ (EBIT + D&A), FY26. 1.5x or less is comfortable; above 3.5x is heavy.

Receivable days Good58 daysReceivables ÷ revenue × 365. Down from 81 days in FY23; a rise of more than 20 days is a warning.

Share count change Good+0.3% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info20.7%Dividends and buybacks ÷ net profit, FY23–FY26. Neither high nor low is good on its own: it depends on how well the company could reinvest.

Stock-based pay Good0.1%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Fair2 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Fair−0.7 ptsFrom 4.0% in FY23 to 3.3% in FY26.

Piotroski's tests, one by one (7 passed of 9)

PASS
Made a profit Return on assets 8.3% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow ₹8.05 crore in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved 8.3% vs FY25's 5.9%
Rising profitability is one of the clearest signs a business is getting stronger.
FAIL
Cash from operations beat profit Cash ₹8.05 crore vs profit ₹17.6 crore
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 1.0% of average assets vs FY25's 1.7%
More debt leaves less room for error when business slows.
PASS
Short-term liquidity improved Current ratio 2.05 vs FY25's 2.03
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
PASS
No new shares issued Diluted shares +0.1% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
FAIL
Gross margin improved Gross margin 27.2% vs FY25's 28.5%
A higher gross margin points to pricing power or falling costs.
PASS
Assets worked harder (turnover up) Revenue ÷ assets 3.02x vs FY25's 2.95x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 3/8 · FY25 3/8

How the Altman and Beneish scores are built

Altman Z'' = 6.01 (safe)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.377	6.56	2.48
Retained earnings ÷ total assets	0.417	3.26	1.36
Operating profit (EBIT) ÷ total assets	0.090	6.72	0.60
Book equity ÷ total liabilities	1.497	1.05	1.57

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 7.05 · FY24 7.33 · FY25 5.74

Beneish M = -2.18
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	0.694	1.465	1.031
Gross margin slipping (GMI)	1.051	1.193	1.014
More hard-to-value assets (AQI)	1.231	1.254	1.039
Sales growth (SGI)	1.277	1.607	1.134
Depreciation slowing (DEPI)	0.863	1.077	1.001
Overheads vs sales (SGAI)	0.847	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	0.040	0.031	0.018
Leverage rising (LVGI)	0.948	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

No analyst coverage on Yahoo for this company. Smaller companies are often not covered at all, which makes your own analysis matter more.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year-16.6%Your base case averages 10.4%. The market expects less growth than you do.

Implied EBIT margin2.3%Your base case averages 3.3%; the last reported year was 3.3%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Favourable

If your base case comes true, today's price earns about 14.7% a year, 3.8 percentage points more than the 10.9% the model requires.

Expected returnif your base case comes true14.7%
Required return (WACC)what the model discounts at10.9%
Government bondwhat the INR 10-year government bond pays7.4%

What the price pays for

Today's business, no growth82%₹109.48 a share: earnings power value

Future growth18%₹23.50 a share

Earnings yield9.8%₹13.08 trailing EPS ÷ price

Free cash flow yield5.1%FY27E forecast ÷ market value

10-year bond7.4%interest a year

Cost of equity11.3%what shareholders require

Favourable

Every ₹100 of share price buys ₹9.84 of today's profit a year, more than the ₹7.44 of interest the bond pays, though profit is less certain than interest.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 5.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY26 operating profit (EBIT), ₹ crore: 21.3
After tax at 10.0%: 19.2
Held flat for ever: ÷ WACC of 10.9%: 176
+ Cash − debt, leases, minorities and dividends since the balance sheet: -13.3
÷ Shares, per share: ₹109.48

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	14.7%
Required return (WACC)	10.9%
Expected minus required	+3.8 pts
Cost of equity	11.3%
10-year government bond	7.4%
Earnings power value per share	₹109.48
Share of price paying for growth	18%
Earnings yield	9.8%
Free cash flow yield	5.1%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%₹76.02-42.8% vs price

Base · 50%₹227.27+70.9% vs price

Bull · 25%₹447.17+236.3% vs price

Probability-weighted₹244.43+83.8% vs price

ReportedBearBaseBull

Show as table

Revenue, ₹ crore	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	430	400	504	644
Bear					725	785	839	885	920
Base					744	829	911	987	1,056
Bull					764	873	986	1,098	1,208

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price74%of runs above ₹132.98

Median outcome₹225.99+69.9% vs price

Downside (10th pct)₹40.201 run in 10 is lower

Upside (90th pct)₹437.031 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

₹ crore	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	744	829	911	987	1,056
EBIT	24.6	27.3	30.0	32.6	34.9
NOPAT = EBIT × (1 − tax)	22.1	24.6	27.0	29.3	31.4
+ D&A	2.23	2.49	2.73	2.96	3.17
− Capex	5.21	4.97	4.55	3.95	3.17
− Increase in working capital	9.04	7.57	7.38	6.88	6.22
Free cash flow	10.1	14.6	17.8	21.4	25.1
Present value	9.67	12.6	13.9	15.1	15.9
Years to year end (t)	0.41	1.41	2.41	3.41	4.41

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: 67.1
Present value of terminal value: 283
Enterprise value: 351
+ Cash and short-term investments (31 Mar 2026): 16.4
− Borrowings: 26.7
− Lease liabilities: 0.00
− Minority interests: 0.00
− Dividends since the balance sheet: 2.97
Equity value: 337
÷ Shares outstanding: 1.48 crore
Value per share: ₹227.27

All amounts in ₹ crore. Dividends with ex-dates after 2026-03-31: 2026-08-07 (2.00 per share).

Terminal value share of enterprise value80.9%Above 75%: most of the value comes after the forecast years.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	9.90%	10.40%	10.90%	11.40%	11.90%
4.0%	₹234	₹215	₹198	₹184	₹171
4.5%	₹254	₹231	₹212	₹195	₹181
5.0%	₹277	₹250	₹227	₹208	₹192
5.5%	₹305	₹273	₹246	₹224	₹205
6.0%	₹341	₹301	₹268	₹242	₹221

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Aaron Industries Limited AARON.NS Specialty Industrial Machinery		15.2x	32.6x	3.1x	5.6x	16.1%	27.0%
Aro Granite Industries Limited AROGRANITE.NS Building Products & Equipment		-25.6x	–	2.6x	0.2x	-24.9%	-23.7%
Median of included	2	15.2x	32.6x	2.8x	2.9x
Aarvi Encon Limited	–	9.3x	10.2x	0.3x	1.4x	3.3%	27.7%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	₹221 (15.2x)	₹221 (15.2x)	₹221 (15.2x)
P/E × earnings per share	₹426 (32.6x)	₹426 (32.6x)	₹426 (32.6x)
P/B × book value per share	₹147 (1.5x)	₹276 (2.9x)	₹405 (4.2x)
EV/Sales × revenue + net cash (check only)	₹1,231 (2.7x)	₹1,280 (2.8x)	₹1,330 (3.0x)
Peer value (average of median EV/EBITDA and median P/E prices)		₹323.36

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins-1 bpsEBIT margin change from the last reported year (3.3%) to FY31E (3.3%)

2 · Valuation vs peers-38.6%Aarvi Encon Limited EV/EBITDA against the peer median; negative means cheaper

3 · Cash5.1%FCF yield: FY27E free cash flow ÷ market value at today's price

Aarvi Encon Limited (AARVI.NS), valuation summary, 1 Nov 2026
Value estimate ₹275.00 (+106.8% vs today's price of ₹132.98).

• DCF (base case): ₹227.27 per share. WACC 10.90%, terminal growth 5.0%; terminal value is 81% of enterprise value.
• Peers: ₹323.36 per share (average of median EV/EBITDA and median P/E prices; 2 peers).
• Scenarios: bear ₹76.02, base ₹227.27, bull ₹447.17; probability-weighted ₹244.43.
• What the price implies: -16.6% revenue growth a year for FY27E–FY31E, against 10.4% in this forecast.
• Monte Carlo: 74% of 2,000 simulated outcomes are above today's price; middle 80% ₹40.20 to ₹437.03.
• Key assumptions (base): revenue growth 15.6% → 11.3% → 9.9% → 8.4% → 7.0%; EBIT margin 3.3% to 3.3%; tax 10.0%.
• Checks: to review: At least three peers are in the medians.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

6 pass, 1 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
CHECKAt least three peers are in the mediansAdd or tick more peers in the comps table.
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 15.6%
EBIT (operating profit)					margin 3.2%
D&A					0.3%
Profit before tax
Tax					rate 9.0%
Capex					0.7%
Increase in working capital					8.6% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 14,844,100. Price ₹132.98 at Fri, 30 Oct 2026 09:59:40 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 15.6%

EBIT marginFY23–FY26 avg 3.2%

Tax rateFY23–FY26 avg 9.0%

D&A % of revenueFY23–FY26 avg 0.3%

Capex % of revenueFY23–FY26 avg 0.7%

Working capital % of revenue changeFY23–FY26 avg 8.6%

Range

Low

Mid

High

DCF scenarios (bear to bull)

₹76.02

₹227

₹447

DCF sensitivity (WACC and g ±1 point)

₹171

₹227

₹341

Monte Carlo (middle 80% of 2,000 runs)

₹40.20

₹226

₹437

EV/EBITDA comps (25th to 75th percentile)

₹221

P/E comps (25th to 75th percentile)

₹426

52-week share price (trading range)

₹116

–

₹168

Altman Z'' = 6.01 (safe)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.377

6.56

2.48

Retained earnings ÷ total assets

0.417

3.26

1.36

Operating profit (EBIT) ÷ total assets

0.090

6.72

0.60

Book equity ÷ total liabilities

1.497

1.05

1.57

Beneish M = -2.18

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

0.694

1.465

1.031

Gross margin slipping (GMI)

1.051

1.193

1.014

More hard-to-value assets (AQI)

1.231

1.254

1.039

Sales growth (SGI)

1.277

1.607

1.134

Depreciation slowing (DEPI)

0.863

1.077

1.001

Overheads vs sales (SGAI)

0.847

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

0.040

0.031

0.018

Leverage rising (LVGI)

0.948

1.111

1.037

Measure

Value

Expected return (IRR), base case

14.7%

Required return (WACC)

10.9%

Expected minus required

+3.8 pts

Cost of equity

11.3%

10-year government bond

7.4%

Earnings power value per share

₹109.48

Share of price paying for growth

18%

Earnings yield

9.8%

Free cash flow yield

5.1%

Revenue, ₹ crore

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

430

400

504

644

Bear

725

785

839

885

920

Base

744

829

911

987

1,056

Bull

764

873

986

1,098

1,208

₹ crore

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

744

829

911

987

1,056

EBIT

24.6

27.3

30.0

32.6

34.9

NOPAT = EBIT × (1 − tax)

22.1

24.6

27.0

29.3

31.4

+ D&A

2.23

2.49

2.73

2.96

3.17

− Capex

5.21

4.97

4.55

3.95

3.17

− Increase in working capital

9.04

7.57

7.38

6.88

6.22

Free cash flow

10.1

14.6

17.8

21.4

25.1

Present value

9.67

12.6

13.9

15.1

15.9

Years to year end (t)

0.41

1.41

2.41

3.41

4.41

g ↓ · WACC →

9.90%

10.40%

10.90%

11.40%

11.90%

4.0%

₹234

₹215

₹198

₹184

₹171

4.5%

₹254

₹231

₹212

₹195

₹181

5.0%

₹277

₹250

₹227

₹208

₹192

5.5%

₹305

₹273

₹246

₹224

₹205

6.0%

₹341

₹301

₹268

₹242

₹221

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Aaron Industries Limited AARON.NS

Specialty Industrial Machinery

15.2x

32.6x

3.1x

5.6x

16.1%

27.0%

Aro Granite Industries Limited AROGRANITE.NS

Building Products & Equipment

-25.6x

–

2.6x

0.2x

-24.9%

-23.7%

Median of included

15.2x

32.6x

2.8x

2.9x

Aarvi Encon Limited

–

9.3x

10.2x

0.3x

1.4x

3.3%

27.7%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

₹221 (15.2x)

₹221 (15.2x)

₹221 (15.2x)

P/E × earnings per share

₹426 (32.6x)

₹426 (32.6x)

₹426 (32.6x)

P/B × book value per share

₹147 (1.5x)

₹276 (2.9x)

₹405 (4.2x)

EV/Sales × revenue + net cash (check only)

₹1,231 (2.7x)

₹1,280 (2.8x)

₹1,330 (3.0x)

Peer value (average of median EV/EBITDA and median P/E prices)

₹323.36

Aarvi Encon Limited (AARVI.NS), valuation summary, 1 Nov 2026 Value estimate ₹275.00 (+106.8% vs today's price of ₹132.98). • DCF (base case): ₹227.27 per share. WACC 10.90%, terminal growth 5.0%; terminal value is 81% of enterprise value. • Peers: ₹323.36 per share (average of median EV/EBITDA and median P/E prices; 2 peers). • Scenarios: bear ₹76.02, base ₹227.27, bull ₹447.17; probability-weighted ₹244.43. • What the price implies: -16.6% revenue growth a year for FY27E–FY31E, against 10.4% in this forecast. • Monte Carlo: 74% of 2,000 simulated outcomes are above today's price; middle 80% ₹40.20 to ₹437.03. • Key assumptions (base): revenue growth 15.6% → 11.3% → 9.9% → 8.4% → 7.0%; EBIT margin 3.3% to 3.3%; tax 10.0%. • Checks: to review: At least three peers are in the medians. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 15.6%

EBIT (operating profit)

margin 3.2%

D&A

0.3%

Profit before tax

Tax

rate 9.0%

Capex

0.7%

Increase in working capital

8.6% of Δrev