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Model Note · KOTHARI PETROCHEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KOTHARI PETROCHEM LTD Discounted cash flow · base FY26
KOTHARI PETROCHEM LTD
Value per share, this model₹170
CMP 2026-09-10₹138.01
Difference23.2%
Growth the CMP implies(3.3)%/yr
This note states the assumptions and the arithmetic of one model of KOTHARI PETROCHEM LTD, 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
2.5% a year
FY26 2.4% · 5-yr CAGR 20.9%
EBITDA margin
16.4%
FY26 16.4% · 5-yr average 14.1%
Depreciation · capex, % of revenue
1.4% · 3.2%, fading to 1.2× depreciation
FY26 1.4% · 3.2%
Working capital, % of added revenue · tax
9.1% · 25.1%
33 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
5.88 crore
5.88 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
591
606
621
637
653
669
growth %
2.4
2.5
2.5
2.5
2.5
2.5
EBITDA
97
99
102
104
107
110
Depreciation
(9)
(8)
(9)
(9)
(9)
(9)
NOPAT
66
68
70
72
73
75
less capex
(19)
(19)
(18)
(16)
(13)
(11)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
56
60
64
68
72
Present value
53
51
49
47
45
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 PETROCHEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
245
PV of the terminal value (75% of EV)
746
Enterprise value
991
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
1,001
÷ 5.88 crore shares
₹170
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
176
188
203
222
245
10.5%
162
173
185
200
218
11.0%
151
160
170
182
197
11.5%
141
149
157
167
179
12.0%
132
139
146
155
165
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
