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Model Note · B&A PACKAGING INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
B&A PACKAGING INDIA LIMITED Discounted cash flow · base FY26
B&A PACKAGING INDIA LIMITED
Value per share, this model₹3
CMP 2026-09-10₹200.00
Difference(98.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of B&A PACKAGING INDIA LIMITED, 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
8.5% a year
FY26 8.5% · 5-yr CAGR 8.0%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 11.2%
Depreciation · capex, % of revenue
1.5% · 10.9%, fading to 1.2× depreciation
FY26 1.5% · 10.9%
Working capital, % of added revenue · tax
37.2% · 28.6%
136 working-capital days · effective 28.6%
Discount rate
11.00%
1-yr beta 0.38
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹16 · ₹0 · ₹0 cr
FY26 net debt ₹16 cr
Shares
0.50 crore
0.50 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
142
154
167
182
197
214
growth %
8.5
8.5
8.5
8.5
8.5
8.5
EBITDA
12
13
14
15
17
18
Depreciation
(2)
(2)
(3)
(3)
(3)
(3)
NOPAT
7
8
8
9
10
11
less capex
(16)
(17)
(14)
(12)
(8)
(4)
less working-capital build
—
(4)
(5)
(5)
(6)
(6)
Free cash flow to firm
—
(11)
(9)
(5)
(1)
4
Present value
(11)
(7)
(4)
(1)
2
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 · B&A PACKAGING INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(21)
PV of the terminal value (218% of EV)
38
Enterprise value
17
less net debt
(16)
less non-controlling interest
0
add non-operating investments
0
Equity value
1
÷ 0.50 crore shares
₹3
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5
13
22
33
47
10.5%
(2)
4
12
21
31
11.0%
(9)
(3)
3
10
19
11.5%
(14)
(10)
(4)
2
9
12.0%
(19)
(15)
(11)
(5)
1
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
