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Model Note · BANCO PRODUCTS (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BANCO PRODUCTS (I) LTD Discounted cash flow · base FY26
BANCO PRODUCTS (I) LTD
Value per share, this model₹219
CMP 2026-09-10₹613.50
Difference(64.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BANCO PRODUCTS (I) 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
21.5% a year
FY26 21.3% · 5-yr CAGR 20.5%
EBITDA margin
18%
FY26 18.0% · 5-yr average 16.4%
Depreciation · capex, % of revenue
3.5% · 3.6%, fading to 1.2× depreciation
FY26 3.5% · 3.6%
Working capital, % of added revenue · tax
42.8% · 25.2%
156 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹397 · ₹0 · ₹0 cr
FY26 net debt ₹397 cr
Shares
14.31 crore
14.31 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
3,896
4,734
5,752
6,989
8,491
10,317
growth %
21.3
21.5
21.5
21.5
21.5
21.5
EBITDA
703
852
1,035
1,258
1,528
1,857
Depreciation
(135)
(166)
(201)
(245)
(297)
(361)
NOPAT
425
513
624
758
921
1,119
less capex
(139)
(170)
(216)
(273)
(344)
(433)
less working-capital build
—
(359)
(436)
(529)
(643)
(781)
Free cash flow to firm
—
150
174
201
231
265
Present value
143
149
155
160
166
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 · BANCO PRODUCTS (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
772
PV of the terminal value (78% of EV)
2,756
Enterprise value
3,528
less net debt
(397)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,131
÷ 14.31 crore shares
₹219
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
227
246
269
298
333
10.5%
207
223
242
264
292
11.0%
190
203
219
237
260
11.5%
175
186
200
215
233
12.0%
162
172
183
196
211
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
