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Model Note · AMINES & PLASTICIZERS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AMINES & PLASTICIZERS LTD Discounted cash flow · base FY26
AMINES & PLASTICIZERS LTD
Value per share, this model₹105
CMP 2026-09-10₹165.20
Difference(36.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AMINES & PLASTICIZERS 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 (13.6)% · 5-yr CAGR 5.3%
EBITDA margin
10.5%
FY26 10.5% · 5-yr average 9.2%
Depreciation · capex, % of revenue
1% · 0.1%, fading to 1.2× depreciation
FY26 1.0% · 0.1%
Working capital, % of added revenue · tax
28% · 26%
102 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22) · ₹0 · ₹0 cr
FY26 net debt ₹(22) cr
Shares
5.50 crore
5.50 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
571
542
515
490
465
442
growth %
(13.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
60
57
54
51
49
46
Depreciation
(6)
(5)
(5)
(5)
(5)
(4)
NOPAT
40
38
36
34
33
31
less capex
(1)
(1)
(2)
(3)
(4)
(5)
less working-capital build
—
8
8
7
7
7
Free cash flow to firm
—
51
47
43
40
37
Present value
48
40
33
28
23
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 · AMINES & PLASTICIZERS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
173
PV of the terminal value (69% of EV)
381
Enterprise value
554
less net debt
22
less non-controlling interest
0
add non-operating investments
0
Equity value
576
÷ 5.50 crore shares
₹105
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
108
115
123
133
146
10.5%
100
106
113
121
131
11.0%
94
99
105
111
119
11.5%
89
93
98
103
110
12.0%
84
88
92
96
102
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
