The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · JSW DULUX LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JSW DULUX LIMITED Discounted cash flow · base FY26
JSW DULUX LIMITED
Value per share, this model₹4,860
CMP 2026-09-10₹3,154.50
Difference54.1%
Growth the CMP implies(15.0)%/yr
This note states the assumptions and the arithmetic of one model of JSW DULUX 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
-5% a year
FY26 (12.0)% · 5-yr CAGR 8.3%
EBITDA margin
65.4%
FY26 65.4% · 5-yr average 24.9%
Depreciation · capex, % of revenue
2.1% · 1.3%, fading to 1.2× depreciation
FY26 2.1% · 1.3%
Working capital, % of added revenue · tax
11.6% · 16.6%
42 working-capital days · effective 16.6%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(270) · ₹0 · ₹0 cr
FY26 net debt ₹(270) cr
Shares
4.55 crore
4.55 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
3,599
3,419
3,248
3,086
2,932
2,785
growth %
(12.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
2,354
2,236
2,124
2,018
1,917
1,821
Depreciation
(75)
(72)
(68)
(65)
(62)
(58)
NOPAT
1,901
1,805
1,715
1,629
1,548
1,470
less capex
(47)
(44)
(52)
(59)
(65)
(70)
less working-capital build
—
21
20
19
18
17
Free cash flow to firm
—
1,853
1,751
1,654
1,562
1,476
Present value
1,759
1,497
1,274
1,084
923
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 · JSW DULUX LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,537
PV of the terminal value (70% of EV)
15,324
Enterprise value
21,861
less net debt
270
less non-controlling interest
0
add non-operating investments
0
Equity value
22,131
÷ 4.55 crore shares
₹4,860
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5,011
5,346
5,748
6,240
6,855
10.5%
4,656
4,934
5,264
5,659
6,142
11.0%
4,352
4,586
4,860
5,183
5,571
11.5%
4,088
4,288
4,518
4,787
5,104
12.0%
3,857
4,029
4,225
4,451
4,715
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
