This note states the assumptions and the arithmetic of one model of KOTHARI SUG & CHEM 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
-5% a year
FY26 (20.4)% · 5-yr CAGR (10.1)%
EBITDA margin
2.3%
FY26 2.3% · 5-yr average 7.9%
Depreciation · capex, % of revenue
5.9% · 9.9%, fading to 1.2× depreciation
FY26 5.9% · 9.9%
Working capital, % of added revenue · tax
36.3% · 25.17%
133 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
₹69 · ₹0 · ₹0 cr
FY26 net debt ₹69 cr
Shares
8.29 crore
8.29 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
247
234
223
212
201
191
growth %
(20.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
6
5
5
5
5
4
Depreciation
(15)
(14)
(13)
(12)
(12)
(11)
NOPAT
(7)
(6)
(6)
(6)
(5)
(5)
less capex
(24)
(23)
(20)
(18)
(16)
(14)
less working-capital build
—
4
4
4
4
4
Free cash flow to firm
—
(11)
(9)
(7)
(5)
(4)
Present value
(11)
(8)
(5)
(4)
(2)
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 SUG & CHEM LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(30)
PV of the terminal value (—% of EV)
(39)
Enterprise value
(69)
less net debt
(69)
less non-controlling interest
0
add non-operating investments
0
Equity value
(138)
÷ 8.29 crore shares
₹(17)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(17)
(17)
(18)
(19)
(19)
10.5%
(16)
(17)
(17)
(18)
(18)
11.0%
(16)
(16)
(17)
(17)
(18)
11.5%
(16)
(16)
(16)
(17)
(17)
12.0%
(15)
(15)
(16)
(16)
(16)
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
