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Model Note · GUJ NAR VAL FER & CHEM L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GUJ NAR VAL FER & CHEM L Discounted cash flow · base FY26
GUJ NAR VAL FER & CHEM L
Value per share, this model₹332
CMP 2026-09-10₹562.80
Difference(41.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GUJ NAR VAL FER & CHEM L, 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
-1.5% a year
FY26 (1.5)% · 5-yr CAGR 8.7%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 14.3%
Depreciation · capex, % of revenue
3.9% · 7%, fading to 1.2× depreciation
FY26 3.9% · 7.0%
Working capital, % of added revenue · tax
15.5% · 25.2%
57 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.15
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(74) · ₹0 · ₹0 cr
FY26 net debt ₹(74) cr
Shares
14.70 crore
14.70 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
7,773
7,656
7,542
7,428
7,317
7,207
growth %
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
879
865
852
839
827
814
Depreciation
(307)
(299)
(294)
(290)
(285)
(281)
NOPAT
428
424
417
411
405
399
less capex
(546)
(536)
(484)
(434)
(385)
(337)
less working-capital build
—
18
18
18
17
17
Free cash flow to firm
—
205
245
285
323
360
Present value
194
210
219
224
225
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 · GUJ NAR VAL FER & CHEM L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,072
PV of the terminal value (78% of EV)
3,736
Enterprise value
4,808
less net debt
74
less non-controlling interest
0
add non-operating investments
0
Equity value
4,882
÷ 14.70 crore shares
₹332
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
343
368
399
436
482
10.5%
316
338
362
392
429
11.0%
294
311
332
357
386
11.5%
274
289
307
327
351
12.0%
257
270
285
302
322
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
