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Model Note · JAIN RESOURCE RECYCLING L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JAIN RESOURCE RECYCLING L Discounted cash flow · base FY26
JAIN RESOURCE RECYCLING L
Value per share, this model₹122
CMP 2026-09-10₹284.50
Difference(57.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JAIN RESOURCE RECYCLING 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
5.9%
FY26 5.9% · 5-yr average 5.9%
Depreciation · capex, % of revenue
0.2% · 1.1%, fading to 1.2× depreciation
FY26 0.2% · 1.1%
Working capital, % of added revenue · tax
16.9% · 26%
62 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,202 · ₹0 · ₹0 cr
FY26 net debt ₹1,202 cr
Shares
34.51 crore
34.51 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
9,543
10,307
11,131
12,022
12,983
14,022
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
559
608
657
709
766
827
Depreciation
(15)
(21)
(22)
(24)
(26)
(28)
NOPAT
403
435
470
507
548
591
less capex
(103)
(113)
(99)
(81)
(59)
(34)
less working-capital build
—
(129)
(139)
(150)
(163)
(176)
Free cash flow to firm
—
213
254
300
352
410
Present value
202
217
231
244
257
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 · JAIN RESOURCE RECYCLING L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,151
PV of the terminal value (79% of EV)
4,261
Enterprise value
5,412
less net debt
(1,202)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,210
÷ 34.51 crore shares
₹122
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
127
140
154
172
195
10.5%
114
125
137
151
169
11.0%
103
112
122
134
148
11.5%
94
101
110
119
131
12.0%
85
92
99
107
117
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
