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Model Note · JYOTI RESINS & ADHESIVE L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JYOTI RESINS & ADHESIVE L Discounted cash flow · base FY26
JYOTI RESINS & ADHESIVE L
Value per share, this model₹892
CMP 2026-09-10₹865.00
Difference3.1%
Growth the CMP implies8.6%/yr
This note states the assumptions and the arithmetic of one model of JYOTI RESINS & ADHESIVE 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
11% a year
FY26 10.8% · 5-yr CAGR 74.0%
EBITDA margin
27%
FY26 27.0% · 5-yr average 25.5%
Depreciation · capex, % of revenue
0.6% · 1.2%, fading to 1.2× depreciation
FY26 0.6% · 1.2%
Working capital, % of added revenue · tax
50.2% · 26%
183 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(39) · ₹0 · ₹0 cr
FY26 net debt ₹(39) cr
Shares
1.20 crore
1.20 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
315
349
388
430
478
530
growth %
10.8
11.0
11.0
11.0
11.0
11.0
EBITDA
85
94
105
116
129
143
Depreciation
(2)
(2)
(2)
(3)
(3)
(3)
NOPAT
61
68
76
84
93
104
less capex
(4)
(4)
(4)
(4)
(4)
(4)
less working-capital build
—
(17)
(19)
(21)
(24)
(26)
Free cash flow to firm
—
49
55
61
68
77
Present value
46
47
47
47
48
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 · JYOTI RESINS & ADHESIVE L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
235
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
920
986
1,065
1,162
1,283
10.5%
851
906
971
1,048
1,144
11.0%
791
838
892
955
1,032
11.5%
740
779
825
878
940
12.0%
695
729
768
812
864
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
