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Model Note · INDIA GLYCOLS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIA GLYCOLS LTD Discounted cash flow · base FY26
INDIA GLYCOLS LTD
Value per share, this model₹447
CMP 2026-09-10₹294.90
Difference51.5%
Growth the CMP implies0.9%/yr
This note states the assumptions and the arithmetic of one model of INDIA GLYCOLS 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
8.5% a year
FY26 8.7% · 5-yr CAGR 12.6%
EBITDA margin
6.6%
FY26 6.6% · 5-yr average 5.9%
Depreciation · capex, % of revenue
1.6% · 8.4%, fading to 1.2× depreciation
FY26 1.6% · 8.4%
Working capital, % of added revenue · tax
4.6% · 25.5%
17 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.38
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,547 · ₹0 · ₹0 cr
FY26 net debt ₹1,547 cr
Shares
6.70 crore
6.70 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
9,827
10,662
11,568
12,551
13,618
14,776
growth %
8.7
8.5
8.5
8.5
8.5
8.5
EBITDA
648
704
763
828
899
975
Depreciation
(155)
(171)
(185)
(201)
(218)
(236)
NOPAT
367
397
431
468
507
550
less capex
(823)
(896)
(784)
(648)
(482)
(284)
less working-capital build
—
(38)
(42)
(45)
(49)
(53)
Free cash flow to firm
—
(366)
(210)
(25)
194
450
Present value
(348)
(180)
(19)
135
281
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 GLYCOLS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(130)
PV of the terminal value (103% of EV)
4,672
Enterprise value
4,542
less net debt
(1,547)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,995
÷ 6.70 crore shares
₹447
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
474
543
627
729
856
10.5%
403
460
528
610
710
11.0%
342
390
447
514
594
11.5%
289
330
378
434
500
12.0%
243
279
319
366
421
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
