This note states the assumptions and the arithmetic of one model of KHAITAN CHEM & FERT LTD, built on its filed FY26 standalone 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
30% a year
FY26 39.1% · 5-yr CAGR 15.5%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 6.5%
Depreciation · capex, % of revenue
1% · 0.9%, fading to 1.2× depreciation
FY26 1.0% · 0.9%
Working capital, % of added revenue · tax
23% · 4.1%
84 working-capital days · effective 4.1%
Discount rate
11.00%
1-yr beta 1.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹278 · ₹0 · ₹0 cr
FY26 net debt ₹278 cr
Shares
9.70 crore
9.70 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
1,002
1,302
1,693
2,201
2,861
3,719
growth %
39.1
30.0
30.0
30.0
30.0
30.0
EBITDA
113
147
191
249
323
420
Depreciation
(10)
(13)
(17)
(22)
(29)
(37)
NOPAT
99
129
167
217
283
367
less capex
(9)
(12)
(17)
(23)
(32)
(45)
less working-capital build
—
(69)
(90)
(117)
(152)
(197)
Free cash flow to firm
—
61
78
99
127
163
Present value
58
67
77
88
102
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 · KHAITAN CHEM & FERT LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
391
PV of the terminal value (81% of EV)
1,688
Enterprise value
2,079
less net debt
(278)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,801
÷ 9.70 crore shares
₹186
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
193
210
231
257
288
10.5%
175
189
206
227
252
11.0%
159
171
186
202
222
11.5%
146
156
168
182
199
12.0%
134
143
153
165
179
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
