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Model Note · INDO BORAX & CHEMICAL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDO BORAX & CHEMICAL LTD Discounted cash flow · base FY26
INDO BORAX & CHEMICAL LTD
Value per share, this model₹356
CMP 2026-09-10₹484.50
Difference(26.5)%
Growth the CMP implies34.0%/yr
This note states the assumptions and the arithmetic of one model of INDO BORAX & CHEMICAL 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
23% a year
FY26 22.9% · 5-yr CAGR 8.4%
EBITDA margin
25.2%
FY26 25.2% · 5-yr average 25.8%
Depreciation · capex, % of revenue
1.5% · 0.1%, fading to 1.2× depreciation
FY26 1.5% · 0.1%
Working capital, % of added revenue · tax
18.2% · 24.4%
66 working-capital days · effective 24.4%
Discount rate
11.00%
1-yr beta 0.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(14) · ₹0 · ₹0 cr
FY26 net debt ₹(14) cr
Shares
3.21 crore
3.21 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
215
265
326
401
493
607
growth %
22.9
23.0
23.0
23.0
23.0
23.0
EBITDA
54
67
82
101
124
153
Depreciation
(3)
(4)
(5)
(6)
(7)
(9)
NOPAT
39
47
58
72
88
109
less capex
(0)
(0)
(2)
(4)
(7)
(11)
less working-capital build
—
(9)
(11)
(14)
(17)
(21)
Free cash flow to firm
—
42
50
60
72
86
Present value
40
43
47
50
54
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 · INDO BORAX & CHEMICAL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
234
PV of the terminal value (79% of EV)
895
Enterprise value
1,129
less net debt
14
less non-controlling interest
0
add non-operating investments
0
Equity value
1,143
÷ 3.21 crore shares
₹356
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
368
396
429
470
521
10.5%
339
362
389
422
462
11.0%
314
334
356
383
415
11.5%
293
309
328
350
377
12.0%
274
288
304
323
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
