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Model Note · KOTHARI FERMENTATION & BIOCHEM · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KOTHARI FERMENTATION & BIOCHEM Discounted cash flow · base FY26
KOTHARI FERMENTATION & BIOCHEM
Value per share, this model₹(31)
CMP, 8 Oct 2026₹45.40
Difference(169.3)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of KOTHARI FERMENTATION & BIOCHEM, 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
-2% a year
FY26 (1.8)% · 5-yr CAGR 3.3%
EBITDA margin
5.8%
FY26 5.8% · 5-yr average 7.9%
Depreciation · capex, % of revenue
6.2% · 0%, fading to 1.2× depreciation
FY26 6.2% · 0.0%
Working capital, % of added revenue · tax
20.4% · 25.17%
74 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹48 · ₹0 · ₹0 cr
FY26 net debt ₹48 cr
Shares
1.50 crore
1.50 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
112
110
108
106
103
101
growth %
(1.8)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
7
6
6
6
6
6
Depreciation
(7)
(7)
(7)
(7)
(6)
(6)
NOPAT
(0)
(0)
(0)
(0)
(0)
(0)
less capex
0
0
(2)
(4)
(6)
(8)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
7
5
3
1
(1)
Present value
7
4
2
1
(1)
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 · KOTHARI FERMENTATION & BIOCHEM · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
13
PV of the terminal value (-1476% of EV)
(12)
Enterprise value
1
less net debt
(48)
less non-controlling interest
0
add non-operating investments
0
Equity value
(47)
÷ 1.50 crore shares
₹(31)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(32)
(32)
(33)
(35)
(36)
10.5%
(31)
(32)
(32)
(33)
(34)
11.0%
(30)
(31)
(31)
(32)
(33)
11.5%
(30)
(30)
(31)
(31)
(32)
12.0%
(29)
(30)
(30)
(31)
(31)
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
