This note states the assumptions and the arithmetic of one model of Bharat Bhushan Finance & Commo, 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 148.1% · 5-yr CAGR 14.2%
EBITDA margin
26%
FY26 26.0% · 5-yr average 15.3%
Depreciation · capex, % of revenue
0.1% · 3.4%, fading to 1.2× depreciation
FY26 0.1% · 3.4%
Working capital, % of added revenue · tax
0% · 54%
0 working-capital days · effective 54.0%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.68 crore
0.68 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
1
1
2
2
3
growth %
148.1
30.0
30.0
30.0
30.0
30.0
EBITDA
0
0
0
0
1
1
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
0
0
0
0
0
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
0
0
0
0
0
Present value
0
0
0
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 · Bharat Bhushan Finance & Commo · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1
PV of the terminal value (83% of EV)
3
Enterprise value
4
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
4
÷ 0.68 crore shares
₹6
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
6
7
7
8
9
10.5%
6
6
7
7
8
11.0%
5
6
6
6
7
11.5%
5
5
5
6
6
12.0%
4
5
5
5
6
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
