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Model Note · J.G.CHEMICALS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
J.G.CHEMICALS LIMITED Discounted cash flow · base FY26
J.G.CHEMICALS LIMITED
Value per share, this model₹142
CMP 2026-09-10₹594.60
Difference(76.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of J.G.CHEMICALS LIMITED, 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
14.5% a year
FY26 14.7% · 5-yr CAGR —%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 8.4%
Depreciation · capex, % of revenue
0.5% · 4%, fading to 1.2× depreciation
FY26 0.5% · 4.0%
Working capital, % of added revenue · tax
25.9% · 25.5%
95 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
3.92 crore
3.92 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
973
1,114
1,276
1,460
1,672
1,915
growth %
14.7
14.5
14.5
14.5
14.5
14.5
EBITDA
82
94
107
123
140
161
Depreciation
(5)
(6)
(6)
(7)
(8)
(10)
NOPAT
57
66
75
86
98
113
less capex
(39)
(45)
(40)
(34)
(24)
(11)
less working-capital build
—
(37)
(42)
(48)
(55)
(63)
Free cash flow to firm
—
(10)
(1)
12
28
48
Present value
(9)
(0)
9
19
30
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 · J.G.CHEMICALS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
48
PV of the terminal value (91% of EV)
498
Enterprise value
547
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
557
÷ 3.92 crore shares
₹142
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
147
160
175
194
217
10.5%
134
145
157
172
190
11.0%
123
132
142
154
169
11.5%
113
121
129
140
152
12.0%
105
111
119
127
137
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
