This note states the assumptions and the arithmetic of one model of CLEAN SCIENCE & TECH 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
-1% a year
FY26 (1.0)% · 5-yr CAGR —%
EBITDA margin
37.1%
FY26 37.1% · 5-yr average 41.2%
Depreciation · capex, % of revenue
8.1% · 21%, fading to 1.2× depreciation
FY26 8.1% · 21.0%
Working capital, % of added revenue · tax
25.6% · 25.8%
93 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(28) · ₹0 · ₹0 cr
FY26 net debt ₹(28) cr
Shares
10.63 crore
10.63 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
957
947
938
928
919
910
growth %
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
355
351
348
344
341
337
Depreciation
(78)
(77)
(76)
(75)
(74)
(74)
NOPAT
206
204
202
200
198
196
less capex
(201)
(199)
(170)
(143)
(115)
(88)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
84
110
135
159
183
Present value
80
94
104
111
115
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 · CLEAN SCIENCE & TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
503
PV of the terminal value (79% of EV)
1,904
Enterprise value
2,407
less net debt
28
less non-controlling interest
0
add non-operating investments
0
Equity value
2,435
÷ 10.63 crore shares
₹229
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
237
255
276
302
335
10.5%
218
233
250
271
297
11.0%
202
215
229
246
267
11.5%
188
199
211
225
242
12.0%
176
185
196
208
222
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
