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Model Note · JUBILANT INGREVIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JUBILANT INGREVIA LIMITED Discounted cash flow · base FY26
JUBILANT INGREVIA LIMITED
Value per share, this model₹188
CMP 2026-09-10₹655.00
Difference(71.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JUBILANT INGREVIA 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 5.0% · 5-yr CAGR 45.0%
EBITDA margin
12.6%
FY26 12.6% · 5-yr average 12.7%
Depreciation · capex, % of revenue
4% · 6.8%, fading to 1.2× depreciation
FY26 4.0% · 6.8%
Working capital, % of added revenue · tax
16.4% · 24.8%
60 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹603 · ₹0 · ₹0 cr
FY26 net debt ₹603 cr
Shares
15.94 crore
15.94 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
4,388
4,607
4,838
5,080
5,334
5,600
growth %
5.0
5.0
5.0
5.0
5.0
5.0
EBITDA
554
581
610
640
672
706
Depreciation
(175)
(184)
(194)
(203)
(213)
(224)
NOPAT
285
298
313
329
345
362
less capex
(299)
(313)
(305)
(295)
(283)
(269)
less working-capital build
—
(36)
(38)
(40)
(42)
(44)
Free cash flow to firm
—
133
164
197
234
274
Present value
126
140
152
162
171
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 INGREVIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
752
PV of the terminal value (79% of EV)
2,842
Enterprise value
3,594
less net debt
(603)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,991
÷ 15.94 crore shares
₹188
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
195
213
234
260
293
10.5%
177
191
209
230
255
11.0%
161
173
188
205
225
11.5%
147
158
170
184
201
12.0%
135
144
154
166
180
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
