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Model Note · CHEMBOND CHEMICAL LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CHEMBOND CHEMICAL LIMITED Discounted cash flow · base FY26
CHEMBOND CHEMICAL LIMITED
Value per share, this model₹179
CMP, 8 Oct 2026₹218.25
Difference(17.8)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of CHEMBOND CHEMICAL 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
11.5% a year
FY26 11.6% · 5-yr CAGR —%
EBITDA margin
14.5%
FY26 14.5% · 5-yr average 14.4%
Depreciation · capex, % of revenue
1.6% · 2%, fading to 1.2× depreciation
FY26 1.6% · 2.0%
Working capital, % of added revenue · tax
32.7% · 23.2%
119 working-capital days · effective 23.2%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(12) · ₹0 · ₹0 cr
FY26 net debt ₹(12) cr
Shares
2.69 crore
2.69 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
326
364
405
452
504
562
growth %
11.6
11.5
11.5
11.5
11.5
11.5
EBITDA
47
53
59
66
73
82
Depreciation
(5)
(6)
(6)
(7)
(8)
(9)
NOPAT
32
36
40
45
50
56
less capex
(7)
(7)
(8)
(9)
(10)
(11)
less working-capital build
—
(12)
(14)
(15)
(17)
(19)
Free cash flow to firm
—
22
25
28
31
35
Present value
21
21
22
22
22
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 · CHEMBOND CHEMICAL LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
108
PV of the terminal value (77% of EV)
363
Enterprise value
470
less net debt
12
less non-controlling interest
0
add non-operating investments
0
Equity value
482
÷ 2.69 crore shares
₹179
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
185
199
215
234
259
10.5%
171
182
195
211
231
11.0%
159
168
179
192
208
11.5%
148
156
166
176
189
12.0%
139
146
154
163
174
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
