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Model Note · BHANSALI ENG. POLYMERS LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHANSALI ENG. POLYMERS LT Discounted cash flow · base FY26
BHANSALI ENG. POLYMERS LT
Value per share, this model₹89
CMP 2026-09-10₹127.80
Difference(30.6)%
Growth the CMP implies13.1%/yr
This note states the assumptions and the arithmetic of one model of BHANSALI ENG. POLYMERS LT, 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 (8.7)% · 5-yr CAGR (0.2)%
EBITDA margin
16.9%
FY26 16.9% · 5-yr average 19.2%
Depreciation · capex, % of revenue
0.7% · 2.8%, fading to 1.2× depreciation
FY26 0.7% · 2.8%
Working capital, % of added revenue · tax
22.4% · 27.3%
82 working-capital days · effective 27.3%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(387) · ₹0 · ₹0 cr
FY26 net debt ₹(387) cr
Shares
24.89 crore
24.89 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
1,276
1,212
1,152
1,094
1,039
987
growth %
(8.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
216
205
195
185
176
167
Depreciation
(8)
(8)
(8)
(8)
(7)
(7)
NOPAT
151
143
136
129
122
116
less capex
(35)
(34)
(27)
(20)
(14)
(8)
less working-capital build
—
14
14
13
12
12
Free cash flow to firm
—
132
131
129
128
127
Present value
125
112
100
89
79
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 · BHANSALI ENG. POLYMERS LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
504
PV of the terminal value (72% of EV)
1,314
Enterprise value
1,819
less net debt
387
less non-controlling interest
0
add non-operating investments
0
Equity value
2,206
÷ 24.89 crore shares
₹89
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
91
96
103
110
120
10.5%
85
90
95
101
109
11.0%
81
84
89
94
100
11.5%
77
80
83
87
92
12.0%
73
76
79
82
86
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
