This note states the assumptions and the arithmetic of one model of COCHIN MINERALS & RUTILE 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
-5% a year
FY26 (10.0)% · 5-yr CAGR 3.7%
EBITDA margin
3.7%
FY26 3.7% · 5-yr average 9.0%
Depreciation · capex, % of revenue
0.6% · 1.9%, fading to 1.2× depreciation
FY26 0.6% · 1.9%
Working capital, % of added revenue · tax
32.6% · 33.9%
119 working-capital days · effective 33.9%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(8) · ₹0 · ₹0 cr
FY26 net debt ₹(8) cr
Shares
0.78 crore
0.78 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
287
273
259
246
234
222
growth %
(10.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
11
10
10
9
9
8
Depreciation
(2)
(2)
(2)
(1)
(1)
(1)
NOPAT
6
6
5
5
5
5
less capex
(5)
(5)
(4)
(3)
(2)
(2)
less working-capital build
—
5
4
4
4
4
Free cash flow to firm
—
7
7
8
8
8
Present value
6
6
6
5
5
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 · COCHIN MINERALS & RUTILE LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
29
PV of the terminal value (74% of EV)
84
Enterprise value
113
less net debt
8
less non-controlling interest
0
add non-operating investments
0
Equity value
121
÷ 0.78 crore shares
₹154
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
159
170
183
198
218
10.5%
148
157
167
180
195
11.0%
138
146
154
165
177
11.5%
130
136
144
152
162
12.0%
123
128
134
141
150
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
