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Model Note · BASF INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BASF INDIA LTD Discounted cash flow · base FY26
BASF INDIA LTD
Value per share, this model₹1,345
CMP 2026-09-10₹3,669.00
Difference(63.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BASF INDIA 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
-2% a year
FY26 (2.1)% · 5-yr CAGR —%
EBITDA margin
4.4%
FY26 4.4% · 5-yr average 5.3%
Depreciation · capex, % of revenue
1% · 1.4%, fading to 1.2× depreciation
FY26 1.0% · 1.4%
Working capital, % of added revenue · tax
12% · 25.8%
44 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(869) · ₹0 · ₹0 cr
FY26 net debt ₹(869) cr
Shares
4.33 crore
4.33 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
14,944
14,645
14,352
14,065
13,784
13,508
growth %
(2.1)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
660
644
631
619
606
594
Depreciation
(145)
(146)
(144)
(141)
(138)
(135)
NOPAT
382
369
362
355
348
341
less capex
(206)
(205)
(194)
(183)
(172)
(162)
less working-capital build
—
36
35
34
34
33
Free cash flow to firm
—
347
347
347
347
347
Present value
329
297
267
241
217
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 · BASF INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,351
PV of the terminal value (73% of EV)
3,602
Enterprise value
4,953
less net debt
869
less non-controlling interest
0
add non-operating investments
0
Equity value
5,822
÷ 4.33 crore shares
₹1,345
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,382
1,465
1,564
1,686
1,838
10.5%
1,294
1,363
1,445
1,542
1,662
11.0%
1,219
1,277
1,345
1,425
1,521
11.5%
1,154
1,204
1,261
1,327
1,406
12.0%
1,098
1,140
1,188
1,244
1,310
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
