This note states the assumptions and the arithmetic of one model of LUDLOW JUTE & SPECIALITIES 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
30% a year
FY26 76.8% · 5-yr CAGR 4.9%
EBITDA margin
7.9%
FY26 7.9% · 5-yr average 3.8%
Depreciation · capex, % of revenue
1.2% · 0%, fading to 1.2× depreciation
FY26 1.2% · 0.0%
Working capital, % of added revenue · tax
32.8% · 26.8%
120 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 0.9
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹213 · ₹0 · ₹0 cr
FY26 net debt ₹213 cr
Shares
1.08 crore
1.08 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
532
691
899
1,168
1,519
1,975
growth %
76.8
30.0
30.0
30.0
30.0
30.0
EBITDA
42
55
71
92
120
156
Depreciation
(6)
(8)
(11)
(14)
(18)
(24)
NOPAT
26
34
44
57
74
97
less capex
0
0
(3)
(8)
(16)
(28)
less working-capital build
—
(52)
(68)
(88)
(115)
(149)
Free cash flow to firm
—
(10)
(16)
(26)
(39)
(57)
Present value
(10)
(14)
(20)
(27)
(36)
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 · LUDLOW JUTE & SPECIALITIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(106)
PV of the terminal value (—% of EV)
(596)
Enterprise value
(702)
less net debt
(213)
less non-controlling interest
0
add non-operating investments
0
Equity value
(915)
÷ 1.08 crore shares
₹(847)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(870)
(925)
(991)
(1,071)
(1,172)
10.5%
(813)
(858)
(912)
(977)
(1,056)
11.0%
(764)
(802)
(847)
(900)
(964)
11.5%
(721)
(754)
(792)
(836)
(888)
12.0%
(684)
(713)
(745)
(782)
(825)
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
