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Model Note · BDH INDUSTRIES LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BDH INDUSTRIES LTD. Discounted cash flow · base FY26
BDH INDUSTRIES LTD.
Value per share, this model₹431
CMP 2026-09-21₹487.90
Difference(11.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BDH INDUSTRIES 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
30% a year
FY26 44.3% · 5-yr CAGR 10.8%
EBITDA margin
14.5%
FY26 14.5% · 5-yr average 15.0%
Depreciation · capex, % of revenue
0.9% · 0%, fading to 1.2× depreciation
FY26 0.9% · 0.0%
Working capital, % of added revenue · tax
20.4% · 28.8%
75 working-capital days · effective 28.8%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(27) · ₹0 · ₹0 cr
FY26 net debt ₹(27) cr
Shares
0.58 crore
0.58 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
96
125
162
211
274
356
growth %
44.3
30.0
30.0
30.0
30.0
30.0
EBITDA
14
18
24
31
40
52
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
9
12
16
20
27
34
less capex
(0)
0
(0)
(1)
(2)
(4)
less working-capital build
—
(6)
(8)
(10)
(13)
(17)
Free cash flow to firm
—
7
9
11
14
17
Present value
7
8
9
10
11
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 · BDH INDUSTRIES LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
44
PV of the terminal value (80% of EV)
177
Enterprise value
221
less net debt
27
less non-controlling interest
0
add non-operating investments
0
Equity value
248
÷ 0.58 crore shares
₹431
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
444
475
512
557
613
10.5%
412
438
468
504
548
11.0%
384
406
431
461
496
11.5%
361
379
400
425
454
12.0%
340
356
374
394
419
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
