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Model Note · INDO RAMA SYNTHETICS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDO RAMA SYNTHETICS LTD Discounted cash flow · base FY26
INDO RAMA SYNTHETICS LTD
Value per share, this model₹223
CMP 2026-09-10₹86.11
Difference158.7%
Growth the CMP implies(1.9)%/yr
This note states the assumptions and the arithmetic of one model of INDO RAMA SYNTHETICS 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
15.5% a year
FY26 15.3% · 5-yr CAGR 19.2%
EBITDA margin
6.3%
FY26 6.3% · 5-yr average 3.6%
Depreciation · capex, % of revenue
1% · 0.5%, fading to 1.2× depreciation
FY26 1.0% · 0.5%
Working capital, % of added revenue · tax
0% · 0%
-40 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,115 · ₹0 · ₹0 cr
FY26 net debt ₹1,115 cr
Shares
26.11 crore
26.11 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
4,910
5,671
6,550
7,565
8,738
10,092
growth %
15.3
15.5
15.5
15.5
15.5
15.5
EBITDA
309
357
413
477
550
636
Depreciation
(48)
(57)
(66)
(76)
(87)
(101)
NOPAT
262
301
347
401
463
535
less capex
(24)
(28)
(44)
(64)
(90)
(121)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
329
368
412
461
515
Present value
312
315
318
320
322
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 RAMA SYNTHETICS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,587
PV of the terminal value (77% of EV)
5,346
Enterprise value
6,932
less net debt
(1,115)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,817
÷ 26.11 crore shares
₹223
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
232
252
277
306
344
10.5%
210
227
247
271
301
11.0%
192
206
223
242
266
11.5%
176
188
202
219
238
12.0%
162
173
184
198
214
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
