This note states the assumptions and the arithmetic of one model of BENGAL TEA & FABRICS LTD., built on its filed FY26 standalone 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 (2.2)% · 5-yr CAGR (9.9)%
EBITDA margin
4.1%
FY26 4.1% · 5-yr average 14.2%
Depreciation · capex, % of revenue
4.8% · 6.1%, fading to 1.2× depreciation
FY26 4.8% · 6.1%
Working capital, % of added revenue · tax
5.4% · 50.3%
20 working-capital days · effective 50.3%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹8 · ₹0 · ₹0 cr
FY26 net debt ₹8 cr
Shares
0.90 crore
0.90 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
53
51
50
49
48
47
growth %
(2.2)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
2
2
2
2
2
2
Depreciation
(3)
(2)
(2)
(2)
(2)
(2)
NOPAT
(0)
(0)
(0)
(0)
(0)
(0)
less capex
(3)
(3)
(3)
(3)
(3)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(1)
(1)
(1)
(1)
(1)
Present value
(1)
(1)
(1)
(0)
(0)
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 · BENGAL TEA & FABRICS LTD. · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(3)
PV of the terminal value (—% of EV)
(6)
Enterprise value
(9)
less net debt
(8)
less non-controlling interest
0
add non-operating investments
0
Equity value
(17)
÷ 0.90 crore shares
₹(18)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(19)
(19)
(20)
(21)
(22)
10.5%
(18)
(19)
(19)
(20)
(21)
11.0%
(17)
(18)
(18)
(19)
(20)
11.5%
(17)
(17)
(18)
(18)
(19)
12.0%
(16)
(17)
(17)
(18)
(18)
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
