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Model Note · ECO RECYCLING LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ECO RECYCLING LTD. Discounted cash flow · base FY26
ECO RECYCLING LTD.
Value per share, this model₹201
CMP 2026-09-10₹440.50
Difference(54.4)%
Growth the CMP implies40.1%/yr
This note states the assumptions and the arithmetic of one model of ECO RECYCLING 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
9.5% a year
FY26 9.6% · 5-yr CAGR 30.6%
EBITDA margin
59.6%
FY26 59.6% · 5-yr average 45.8%
Depreciation · capex, % of revenue
3.3% · 2.2%, fading to 1.2× depreciation
FY26 3.3% · 2.2%
Working capital, % of added revenue · tax
52.5% · 26.3%
192 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(11) · ₹0 · ₹0 cr
FY26 net debt ₹(11) cr
Shares
1.93 crore
1.93 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
48
53
58
63
69
76
growth %
9.6
9.5
9.5
9.5
9.5
9.5
EBITDA
29
31
34
38
41
45
Depreciation
(2)
(2)
(2)
(2)
(2)
(3)
NOPAT
20
22
24
26
29
31
less capex
(1)
(1)
(2)
(2)
(2)
(3)
less working-capital build
—
(2)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
20
22
24
25
28
Present value
19
19
18
18
17
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 · ECO RECYCLING LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
91
PV of the terminal value (76% of EV)
286
Enterprise value
376
less net debt
11
less non-controlling interest
0
add non-operating investments
0
Equity value
387
÷ 1.93 crore shares
₹201
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
207
222
240
261
288
10.5%
192
204
218
236
257
11.0%
178
189
201
215
232
11.5%
167
176
186
198
212
12.0%
157
164
173
183
195
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
