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Model Note · CCL PRODUCTS (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CCL PRODUCTS (I) LTD Discounted cash flow · base FY26
CCL PRODUCTS (I) LTD
Value per share, this model₹259
CMP 2026-09-10₹1,075.00
Difference(75.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CCL PRODUCTS (I) 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 43.5% · 5-yr CAGR 29.1%
EBITDA margin
16.4%
FY26 16.4% · 5-yr average 18.6%
Depreciation · capex, % of revenue
3.4% · 1.6%, fading to 1.2× depreciation
FY26 3.4% · 1.6%
Working capital, % of added revenue · tax
36% · 15.8%
132 working-capital days · effective 15.8%
Discount rate
11.00%
1-yr beta 0.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,074 · ₹0 · ₹0 cr
FY26 net debt ₹1,074 cr
Shares
13.35 crore
13.35 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
4,457
5,795
7,533
9,793
12,731
16,550
growth %
43.5
30.0
30.0
30.0
30.0
30.0
EBITDA
733
950
1,235
1,606
2,088
2,714
Depreciation
(152)
(197)
(256)
(333)
(433)
(563)
NOPAT
489
634
825
1,072
1,394
1,812
less capex
(70)
(93)
(167)
(278)
(440)
(675)
less working-capital build
—
(481)
(626)
(814)
(1,058)
(1,375)
Free cash flow to firm
—
257
288
313
328
324
Present value
244
246
241
228
203
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 · CCL PRODUCTS (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,162
PV of the terminal value (74% of EV)
3,366
Enterprise value
4,528
less net debt
(1,074)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,454
÷ 13.35 crore shares
₹259
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
270
295
325
362
408
10.5%
243
264
289
318
355
11.0%
221
238
259
283
312
11.5%
201
216
233
253
277
12.0%
184
197
211
228
248
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
