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Model Note · INDIA GELATINE & CHEMICALS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIA GELATINE & CHEMICALS LTD Discounted cash flow · base FY26
INDIA GELATINE & CHEMICALS LTD
Value per share, this model₹292
CMP 2026-09-10₹377.50
Difference(22.5)%
Growth the CMP implies7.2%/yr
This note states the assumptions and the arithmetic of one model of INDIA GELATINE & CHEMICALS 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% a year
FY26 (14.5)% · 5-yr CAGR 3.4%
EBITDA margin
17.2%
FY26 17.2% · 5-yr average 13.2%
Depreciation · capex, % of revenue
2.7% · 8.9%, fading to 1.2× depreciation
FY26 2.7% · 8.9%
Working capital, % of added revenue · tax
24.3% · 23.6%
89 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹3 · ₹0 · ₹0 cr
FY26 net debt ₹3 cr
Shares
0.71 crore
0.71 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
170
161
153
146
138
131
growth %
(14.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
29
28
26
25
24
23
Depreciation
(5)
(4)
(4)
(4)
(4)
(4)
NOPAT
19
18
17
16
15
15
less capex
(15)
(14)
(11)
(9)
(6)
(4)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
10
12
13
14
16
Present value
9
10
10
10
10
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 · INDIA GELATINE & CHEMICALS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
49
PV of the terminal value (77% of EV)
161
Enterprise value
210
less net debt
(3)
less non-controlling interest
0
add non-operating investments
0
Equity value
207
÷ 0.71 crore shares
₹292
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
302
325
352
385
427
10.5%
278
297
320
346
379
11.0%
258
274
292
314
340
11.5%
240
254
269
288
309
12.0%
225
237
250
265
283
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
