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Model Note · CARYSIL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CARYSIL LIMITED Discounted cash flow · base FY26
CARYSIL LIMITED
Value per share, this model₹363
CMP 2026-09-10₹1,166.30
Difference(68.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CARYSIL LIMITED, 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
13.5% a year
FY26 13.3% · 5-yr CAGR 24.4%
EBITDA margin
19.1%
FY26 19.1% · 5-yr average 18.8%
Depreciation · capex, % of revenue
4.3% · 12.1%, fading to 1.2× depreciation
FY26 4.3% · 12.1%
Working capital, % of added revenue · tax
34.4% · 23.8%
126 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹262 · ₹0 · ₹0 cr
FY26 net debt ₹262 cr
Shares
2.85 crore
2.85 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
924
1,049
1,190
1,351
1,533
1,740
growth %
13.3
13.5
13.5
13.5
13.5
13.5
EBITDA
176
200
227
258
293
332
Depreciation
(40)
(45)
(51)
(58)
(66)
(75)
NOPAT
104
118
134
152
173
196
less capex
(111)
(127)
(123)
(117)
(106)
(90)
less working-capital build
—
(43)
(49)
(55)
(63)
(71)
Free cash flow to firm
—
(6)
13
39
70
110
Present value
(6)
11
30
49
69
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 · CARYSIL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
153
PV of the terminal value (88% of EV)
1,143
Enterprise value
1,296
less net debt
(262)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,034
÷ 2.85 crore shares
₹363
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
380
420
468
527
600
10.5%
338
372
411
458
516
11.0%
303
331
363
402
448
11.5%
272
296
323
356
393
12.0%
245
266
289
316
348
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
