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Model Note · ISHAN DYES N CHEMICALS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ISHAN DYES N CHEMICALS L Discounted cash flow · base FY26
ISHAN DYES N CHEMICALS L
Value per share, this model₹(57)
CMP 2026-09-10₹44.90
Difference(227.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ISHAN DYES N CHEMICALS L, 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 (27.6)% · 5-yr CAGR (2.1)%
EBITDA margin
5.1%
FY26 5.1% · 5-yr average 7.0%
Depreciation · capex, % of revenue
6.6% · 53.3%, fading to 1.2× depreciation
FY26 6.6% · 53.3%
Working capital, % of added revenue · tax
43.6% · 25.17%
159 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹90 · ₹0 · ₹0 cr
FY26 net debt ₹90 cr
Shares
2.73 crore
2.73 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
73
70
66
63
60
57
growth %
(27.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
4
4
3
3
3
3
Depreciation
(5)
(5)
(4)
(4)
(4)
(4)
NOPAT
(1)
(1)
(1)
(1)
(1)
(1)
less capex
(39)
(37)
(28)
(19)
(12)
(5)
less working-capital build
—
2
2
1
1
1
Free cash flow to firm
—
(32)
(23)
(14)
(7)
(0)
Present value
(30)
(19)
(11)
(5)
(0)
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 · ISHAN DYES N CHEMICALS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(65)
PV of the terminal value (—% of EV)
(1)
Enterprise value
(66)
less net debt
(90)
less non-controlling interest
0
add non-operating investments
0
Equity value
(156)
÷ 2.73 crore shares
₹(57)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(58)
(58)
(58)
(58)
(58)
10.5%
(57)
(57)
(57)
(57)
(58)
11.0%
(57)
(57)
(57)
(57)
(57)
11.5%
(57)
(57)
(57)
(57)
(57)
12.0%
(57)
(57)
(57)
(57)
(57)
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
