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Model Note · BAYER CROPSCIENCE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BAYER CROPSCIENCE LTD Discounted cash flow · base FY26
BAYER CROPSCIENCE LTD
Value per share, this model₹2,351
CMP 2026-09-10₹3,985.60
Difference(41.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BAYER CROPSCIENCE 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
3.5% a year
FY26 3.7% · 5-yr CAGR 5.9%
EBITDA margin
15.4%
FY26 15.4% · 5-yr average 17.0%
Depreciation · capex, % of revenue
1.7% · 0.7%, fading to 1.2× depreciation
FY26 1.7% · 0.7%
Working capital, % of added revenue · tax
35.5% · 19.4%
130 working-capital days · effective 19.4%
Discount rate
11.00%
1-yr beta 0.43
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,415) · ₹0 · ₹0 cr
FY26 net debt ₹(1,415) cr
Shares
4.49 crore
4.49 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
5,675
5,874
6,079
6,292
6,512
6,740
growth %
3.7
3.5
3.5
3.5
3.5
3.5
EBITDA
874
905
936
969
1,003
1,038
Depreciation
(94)
(100)
(103)
(107)
(111)
(115)
NOPAT
628
649
671
695
719
744
less capex
(40)
(41)
(63)
(86)
(111)
(137)
less working-capital build
—
(71)
(73)
(76)
(78)
(81)
Free cash flow to firm
—
637
639
640
641
640
Present value
604
546
493
445
400
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 · BAYER CROPSCIENCE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,489
PV of the terminal value (73% of EV)
6,651
Enterprise value
9,140
less net debt
1,415
less non-controlling interest
0
add non-operating investments
0
Equity value
10,555
÷ 4.49 crore shares
₹2,351
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,416
2,564
2,741
2,957
3,228
10.5%
2,260
2,383
2,528
2,702
2,915
11.0%
2,127
2,230
2,351
2,493
2,664
11.5%
2,011
2,099
2,201
2,319
2,459
12.0%
1,910
1,986
2,072
2,172
2,288
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
