Models
JYOTI RESINS & ADHESIVE LJYOTIRESChemicals & Petrochemicals
₹892per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹892implied FY26 P/E 11.9× · EV/EBITDA 12.1×
Against CMP ₹865.00+3.1%close of 2026-09-10
Growth the CMP implies8.6%revenue, a year for 5 years, on your other inputs
Value after FY3177%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹695₹1,283
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 235 |
| PV of terminal value | 795 |
| Enterprise value | 1,031 |
| less net debt | 39 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,070 |
| ÷ 1.20 crore shares | ₹892 |
77% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 920 | 986 | 1,065 | 1,162 | 1,283 |
| 10.50% | 851 | 906 | 971 | 1,048 | 1,144 |
| 11.00% | 791 | 838 | 892 | 955 | 1,032 |
| 11.50% | 740 | 779 | 825 | 878 | 940 |
| 12.00% | 695 | 729 | 768 | 812 | 864 |
The outlined cell is your model. Green figures sit above the CMP of ₹865.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 740 · 882 · 1,065 |
| Draws below the CMP | 44% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.16 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 261 | 257 | 284 | 315 | 349 | 388 | 430 | 478 | 530 |
| growth % | 43.6 | (1.5) | 10.4 | 10.8 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| EBITDA | 61 | 84 | 89 | 85 | 94 | 105 | 116 | 129 | 143 |
| margin % | 23.2 | 32.6 | 31.5 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 |
| less depreciation | (1) | (1) | (2) | (2) | (2) | (2) | (3) | (3) | (3) |
| EBIT | 59 | 83 | 88 | 83 | 92 | 102 | 114 | 126 | 140 |
| less tax on EBIT | (22) | (24) | (27) | (30) | (33) | (36) | |||
| NOPAT | 61 | 68 | 76 | 84 | 93 | 104 | |||
| add depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 |
| less capex | (0) | (2) | (2) | (4) | (4) | (4) | (4) | (4) | (4) |
| less working-capital build | — | (17) | (19) | (21) | (24) | (26) | |||
| Free cash flow to firm | 11 | 25 | 13 | — | 49 | 55 | 61 | 68 | 77 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 46 | 47 | 47 | 47 | 48 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 15.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 83 | 92 | 102 | 114 | 126 | 140 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 92 | 102 | 114 | 126 | 140 | |
| Profit after tax | 70 | 68 | 76 | 84 | 93 | 104 |
| Dividends | (11) | (11) | (12) | (13) | (14) | (16) |
| Balance sheet, year end | ||||||
| Cash | 39 | 78 | 121 | 169 | 223 | 284 |
| Working capital | 158 | 176 | 195 | 216 | 240 | 266 |
| Net block and other assets | 228 | 230 | 232 | 233 | 235 | 235 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 289 | 347 | 411 | 482 | 561 | 648 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 53 | 59 | 65 | 72 | 80 | |
| Investing (capex) | (4) | (4) | (4) | (4) | (4) | |
| Financing (dividends) | (11) | (12) | (13) | (14) | (16) | |
| Net change in cash | 38 | 43 | 48 | 54 | 61 | |
| Free cash flow to equity | 49 | 55 | 61 | 68 | 77 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 11% | 27% | 11.00% | 5% | ₹892 | 3.1% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.