This note states the assumptions and the arithmetic of one model of ANYA POLYTECH & FERTI 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
30% a year
FY26 30.2% · 5-yr CAGR —%
EBITDA margin
9.5%
FY26 9.5% · 5-yr average 12.8%
Depreciation · capex, % of revenue
3.5% · 13.6%, fading to 1.2× depreciation
FY26 3.5% · 13.6%
Working capital, % of added revenue · tax
39.6% · 17.5%
145 working-capital days · effective 17.5%
Discount rate
11.00%
1-yr beta 0.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹79 · ₹0 · ₹0 cr
FY26 net debt ₹79 cr
Shares
12.00 crore
12.00 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
178
232
301
391
509
661
growth %
30.2
30.0
30.0
30.0
30.0
30.0
EBITDA
17
22
29
37
48
63
Depreciation
(6)
(8)
(11)
(14)
(18)
(23)
NOPAT
9
11
15
19
25
33
less capex
(24)
(31)
(34)
(35)
(33)
(28)
less working-capital build
—
(21)
(28)
(36)
(46)
(60)
Free cash flow to firm
—
(33)
(36)
(38)
(37)
(32)
Present value
(31)
(31)
(29)
(26)
(20)
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 · ANYA POLYTECH & FERTI LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(137)
PV of the terminal value (—% of EV)
(336)
Enterprise value
(473)
less net debt
(79)
less non-controlling interest
0
add non-operating investments
0
Equity value
(552)
÷ 12.00 crore shares
₹(46)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(47)
(50)
(53)
(57)
(63)
10.5%
(44)
(47)
(49)
(53)
(57)
11.0%
(42)
(44)
(46)
(49)
(52)
11.5%
(40)
(41)
(43)
(45)
(48)
12.0%
(38)
(39)
(41)
(43)
(45)
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
