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Model Note · COROMANDEL INTERNTL. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
COROMANDEL INTERNTL. LTD Discounted cash flow · base FY26
COROMANDEL INTERNTL. LTD
Value per share, this model₹711
CMP 2026-09-10₹1,934.90
Difference(63.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of COROMANDEL INTERNTL. 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 30.7% · 5-yr CAGR 17.2%
EBITDA margin
10%
FY26 10.0% · 5-yr average 10.9%
Depreciation · capex, % of revenue
1.7% · 4.9%, fading to 1.2× depreciation
FY26 1.7% · 4.9%
Working capital, % of added revenue · tax
17.4% · 27.5%
64 working-capital days · effective 27.5%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹445 · ₹0 · ₹0 cr
FY26 net debt ₹445 cr
Shares
29.50 crore
29.50 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
31,480
40,923
53,200
69,161
89,909
1,16,881
growth %
30.7
30.0
30.0
30.0
30.0
30.0
EBITDA
3,146
4,092
5,320
6,916
8,991
11,688
Depreciation
(534)
(696)
(904)
(1,176)
(1,528)
(1,987)
NOPAT
1,894
2,463
3,201
4,162
5,410
7,033
less capex
(1,540)
(2,005)
(2,226)
(2,400)
(2,477)
(2,384)
less working-capital build
—
(1,643)
(2,136)
(2,777)
(3,610)
(4,693)
Free cash flow to firm
—
(490)
(257)
161
852
1,943
Present value
(465)
(220)
124
591
1,215
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 · COROMANDEL INTERNTL. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,244
PV of the terminal value (94% of EV)
20,176
Enterprise value
21,420
less net debt
(445)
less non-controlling interest
0
add non-operating investments
0
Equity value
20,975
÷ 29.50 crore shares
₹711
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
738
806
888
988
1,113
10.5%
668
724
791
872
970
11.0%
608
655
711
777
856
11.5%
556
596
643
698
762
12.0%
511
546
585
631
685
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
