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Model Note · BALAJI AMINES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BALAJI AMINES LIMITED Discounted cash flow · base FY26
BALAJI AMINES LIMITED
Value per share, this model₹399
CMP 2026-09-10₹2,283.00
Difference(82.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BALAJI AMINES 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
2% a year
FY26 2.0% · 5-yr CAGR 1.7%
EBITDA margin
18.6%
FY26 18.6% · 5-yr average 21.6%
Depreciation · capex, % of revenue
4% · 26%, fading to 1.2× depreciation
FY26 4.0% · 26.0%
Working capital, % of added revenue · tax
35.6% · 27.2%
130 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 1.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹59 · ₹0 · ₹0 cr
FY26 net debt ₹59 cr
Shares
3.24 crore
3.24 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
1,425
1,453
1,483
1,512
1,542
1,573
growth %
2.0
2.0
2.0
2.0
2.0
2.0
EBITDA
265
270
276
281
287
293
Depreciation
(56)
(58)
(59)
(60)
(62)
(63)
NOPAT
152
154
158
161
164
167
less capex
(370)
(378)
(307)
(233)
(156)
(76)
less working-capital build
—
(10)
(10)
(11)
(11)
(11)
Free cash flow to firm
—
(175)
(100)
(22)
59
144
Present value
(167)
(86)
(17)
41
90
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 · BALAJI AMINES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(139)
PV of the terminal value (110% of EV)
1,492
Enterprise value
1,353
less net debt
(59)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,294
÷ 3.24 crore shares
₹399
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
417
463
518
585
669
10.5%
370
408
453
507
573
11.0%
330
362
399
444
497
11.5%
295
323
354
391
434
12.0%
265
289
316
347
383
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
