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Model Note · GANESH BENZOPLAST LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GANESH BENZOPLAST LIMITED Discounted cash flow · base FY26
GANESH BENZOPLAST LIMITED
Value per share, this model₹135
CMP 2026-09-10₹132.20
Difference1.9%
Growth the CMP implies9.4%/yr
This note states the assumptions and the arithmetic of one model of GANESH BENZOPLAST LIMITED, 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
10% a year
FY26 9.9% · 5-yr CAGR 8.8%
EBITDA margin
24.9%
FY26 24.9% · 5-yr average 19.9%
Depreciation · capex, % of revenue
5.8% · 15.6%, fading to 1.2× depreciation
FY26 5.8% · 15.6%
Working capital, % of added revenue · tax
12.6% · 25.2%
46 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹15 · ₹0 · ₹0 cr
FY26 net debt ₹15 cr
Shares
7.20 crore
7.20 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
411
453
498
548
602
663
growth %
9.9
10.0
10.0
10.0
10.0
10.0
EBITDA
102
113
124
136
150
165
Depreciation
(24)
(26)
(29)
(32)
(35)
(38)
NOPAT
59
65
71
78
86
95
less capex
(64)
(71)
(67)
(62)
(55)
(46)
less working-capital build
—
(5)
(6)
(6)
(7)
(8)
Free cash flow to firm
—
15
27
42
59
79
Present value
14
23
32
41
50
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 · GANESH BENZOPLAST LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
161
PV of the terminal value (84% of EV)
824
Enterprise value
985
less net debt
(15)
less non-controlling interest
0
add non-operating investments
0
Equity value
970
÷ 7.20 crore shares
₹135
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
140
151
165
181
202
10.5%
128
137
148
162
178
11.0%
117
125
135
146
159
11.5%
109
115
123
132
143
12.0%
101
107
114
121
130
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
