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Model Note · MANALI PETROCHEMICALS LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MANALI PETROCHEMICALS LT Discounted cash flow · base FY26
MANALI PETROCHEMICALS LT
Value per share, this model₹116
CMP 2026-09-10₹85.30
Difference35.8%
Growth the CMP implies(4.6)%/yr
This note states the assumptions and the arithmetic of one model of MANALI PETROCHEMICALS LT, 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
14% a year
FY26 14.0% · 5-yr CAGR 0.1%
EBITDA margin
14.7%
FY26 14.7% · 5-yr average 12.5%
Depreciation · capex, % of revenue
3.3% · 6.7%, fading to 1.2× depreciation
FY26 3.3% · 6.7%
Working capital, % of added revenue · tax
20.4% · 13.6%
75 working-capital days · effective 13.6%
Discount rate
11.00%
1-yr beta 1.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(314) · ₹0 · ₹0 cr
FY26 net debt ₹(314) cr
Shares
17.21 crore
17.21 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
1,022
1,166
1,329
1,515
1,727
1,969
growth %
14.0
14.0
14.0
14.0
14.0
14.0
EBITDA
150
171
195
223
254
289
Depreciation
(34)
(38)
(44)
(50)
(57)
(65)
NOPAT
101
115
131
149
170
194
less capex
(69)
(78)
(80)
(81)
(80)
(78)
less working-capital build
—
(29)
(33)
(38)
(43)
(49)
Free cash flow to firm
—
46
62
80
104
132
Present value
44
53
62
72
82
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 · MANALI PETROCHEMICALS LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
312
PV of the terminal value (81% of EV)
1,367
Enterprise value
1,679
less net debt
314
less non-controlling interest
0
add non-operating investments
0
Equity value
1,993
÷ 17.21 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
119
127
137
148
163
10.5%
111
117
125
135
146
11.0%
104
109
116
123
133
11.5%
98
102
108
114
122
12.0%
92
96
101
106
113
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
