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Model Note · JUBILANT AGRI N CON PRO L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JUBILANT AGRI N CON PRO L Discounted cash flow · base FY26
JUBILANT AGRI N CON PRO L
Value per share, this model₹1,189
CMP 2026-09-10₹2,122.60
Difference(44.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JUBILANT AGRI N CON PRO 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
21% a year
FY26 21.1% · 5-yr CAGR —%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 9.8%
Depreciation · capex, % of revenue
0.9% · 2.1%, fading to 1.2× depreciation
FY26 0.9% · 2.1%
Working capital, % of added revenue · tax
21.8% · 25.7%
80 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 1.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹22 · ₹0 · ₹0 cr
FY26 net debt ₹22 cr
Shares
1.52 crore
1.52 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
1,891
2,288
2,769
3,350
4,054
4,905
growth %
21.1
21.0
21.0
21.0
21.0
21.0
EBITDA
193
233
282
342
413
500
Depreciation
(18)
(21)
(25)
(30)
(36)
(44)
NOPAT
130
158
191
231
280
339
less capex
(40)
(48)
(51)
(53)
(54)
(53)
less working-capital build
—
(87)
(105)
(127)
(153)
(186)
Free cash flow to firm
—
44
60
82
109
145
Present value
42
52
63
76
90
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 · JUBILANT AGRI N CON PRO L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
322
PV of the terminal value (82% of EV)
1,501
Enterprise value
1,823
less net debt
(22)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,801
÷ 1.52 crore shares
₹1,189
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,231
1,329
1,448
1,593
1,774
10.5%
1,128
1,210
1,307
1,423
1,565
11.0%
1,039
1,108
1,189
1,284
1,398
11.5%
963
1,022
1,090
1,169
1,262
12.0%
897
947
1,005
1,071
1,149
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
