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Model Note · BARODA RAYON CORPORATION LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BARODA RAYON CORPORATION LTD. Discounted cash flow · base FY26
BARODA RAYON CORPORATION LTD.
Value per share, this model₹196
CMP 2026-09-10₹124.30
Difference57.8%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BARODA RAYON CORPORATION 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
-5% a year
FY26 (38.0)% · 5-yr CAGR —%
EBITDA margin
34.4%
FY26 34.4% · 5-yr average 136.1%
Depreciation · capex, % of revenue
0.4% · 0.1%, fading to 1.2× depreciation
FY26 0.4% · 0.1%
Working capital, % of added revenue · tax
1038.9% · 0%
3792 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 0.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹176 · ₹0 · ₹0 cr
FY26 net debt ₹176 cr
Shares
2.29 crore
2.29 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
62
59
56
53
50
48
growth %
(38.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
21
20
19
18
17
16
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
21
20
19
18
17
16
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
32
30
29
28
26
Free cash flow to firm
—
52
50
47
45
42
Present value
50
42
36
31
26
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 · BARODA RAYON CORPORATION LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
186
PV of the terminal value (70% of EV)
440
Enterprise value
625
less net debt
(176)
less non-controlling interest
0
add non-operating investments
0
Equity value
449
÷ 2.29 crore shares
₹196
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
205
224
247
275
310
10.5%
185
200
219
242
269
11.0%
167
181
196
215
237
11.5%
152
164
177
192
210
12.0%
139
149
160
173
188
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
