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Model Note · APCOTEX INDUSTRIES LIMITE · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
APCOTEX INDUSTRIES LIMITE Discounted cash flow · base FY26
APCOTEX INDUSTRIES LIMITE
Value per share, this model₹249
CMP 2026-09-10₹603.70
Difference(58.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of APCOTEX INDUSTRIES LIMITE, 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
3.5% a year
FY26 3.5% · 5-yr CAGR 21.7%
EBITDA margin
12.4%
FY26 12.4% · 5-yr average 12.2%
Depreciation · capex, % of revenue
3.4% · 3.1%, fading to 1.2× depreciation
FY26 3.4% · 3.1%
Working capital, % of added revenue · tax
13.1% · 26.3%
48 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.85
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹61 · ₹0 · ₹0 cr
FY26 net debt ₹61 cr
Shares
5.18 crore
5.18 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
1,441
1,492
1,544
1,598
1,654
1,712
growth %
3.5
3.5
3.5
3.5
3.5
3.5
EBITDA
178
185
191
198
205
212
Depreciation
(50)
(51)
(53)
(54)
(56)
(58)
NOPAT
95
99
102
106
110
114
less capex
(44)
(46)
(52)
(57)
(63)
(70)
less working-capital build
—
(7)
(7)
(7)
(7)
(8)
Free cash flow to firm
—
97
96
96
95
94
Present value
92
82
74
66
59
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 · APCOTEX INDUSTRIES LIMITE · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
373
PV of the terminal value (72% of EV)
980
Enterprise value
1,353
less net debt
(61)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,292
÷ 5.18 crore shares
₹249
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
258
276
299
327
361
10.5%
238
253
272
294
321
11.0%
221
234
249
267
289
11.5%
206
217
230
245
263
12.0%
193
203
214
226
241
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
