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Model Note · DHANUKA AGRITECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DHANUKA AGRITECH LTD Discounted cash flow · base FY25
DHANUKA AGRITECH LTD
Value per share, this model₹930
CMP 2026-09-10₹977.80
Difference(4.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DHANUKA AGRITECH LTD, built on its filed FY25 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
15.5% a year
FY25 15.7% · 5-yr CAGR 12.7%
EBITDA margin
20.5%
FY25 20.5% · 5-yr average 18.5%
Depreciation · capex, % of revenue
2.7% · 9.5%, fading to 1.2× depreciation
FY25 2.7% · 9.5%
Working capital, % of added revenue · tax
35.3% · 24.3%
129 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 0.79
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹42 · ₹0 · ₹0 cr
FY25 net debt ₹42 cr
Shares
4.46 crore
4.46 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
2,035
2,351
2,715
3,136
3,622
4,183
growth %
15.7
15.5
15.5
15.5
15.5
15.5
EBITDA
417
482
557
643
742
858
Depreciation
(55)
(63)
(73)
(85)
(98)
(113)
NOPAT
273
317
366
423
488
564
less capex
(194)
(223)
(215)
(200)
(174)
(136)
less working-capital build
—
(111)
(129)
(149)
(172)
(198)
Free cash flow to firm
—
46
95
159
240
343
Present value
43
81
122
167
214
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 · DHANUKA AGRITECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
628
PV of the terminal value (85% of EV)
3,561
Enterprise value
4,189
less net debt
(42)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,147
÷ 4.46 crore shares
₹930
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
963
1,043
1,139
1,255
1,401
10.5%
881
947
1,025
1,119
1,233
11.0%
810
865
930
1,007
1,099
11.5%
748
796
851
914
990
12.0%
695
736
782
836
899
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
