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Model Note · GUJARAT FLUOROCHEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GUJARAT FLUOROCHEM LTD Discounted cash flow · base FY26
GUJARAT FLUOROCHEM LTD
Value per share, this model₹365
CMP 2026-09-10₹4,774.00
Difference(92.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GUJARAT FLUOROCHEM 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
5.5% a year
FY26 5.5% · 5-yr CAGR 13.5%
EBITDA margin
25.4%
FY26 25.4% · 5-yr average 27.7%
Depreciation · capex, % of revenue
7.3% · 24.1%, fading to 1.2× depreciation
FY26 7.3% · 24.1%
Working capital, % of added revenue · tax
53.3% · 28.8%
195 working-capital days · effective 28.8%
Discount rate
11.00%
1-yr beta 0.63
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,984 · ₹0 · ₹0 cr
FY26 net debt ₹1,984 cr
Shares
11.00 crore
11.00 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
4,996
5,271
5,561
5,867
6,189
6,530
growth %
5.5
5.5
5.5
5.5
5.5
5.5
EBITDA
1,271
1,339
1,412
1,490
1,572
1,659
Depreciation
(367)
(385)
(406)
(428)
(452)
(477)
NOPAT
644
679
717
756
798
841
less capex
(1,206)
(1,270)
(1,127)
(964)
(780)
(572)
less working-capital build
—
(146)
(155)
(163)
(172)
(181)
Free cash flow to firm
—
(353)
(159)
57
298
565
Present value
(335)
(136)
44
207
353
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 · GUJARAT FLUOROCHEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
133
PV of the terminal value (98% of EV)
5,865
Enterprise value
5,998
less net debt
(1,984)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,014
÷ 11.00 crore shares
₹365
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
386
439
503
581
678
10.5%
331
375
428
490
567
11.0%
284
322
365
416
478
11.5%
244
276
312
355
405
12.0%
209
236
267
303
345
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
