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Model Note · Mitsu Chem Plast Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Mitsu Chem Plast Limited Discounted cash flow · base FY26
Mitsu Chem Plast Limited
Value per share, this model₹159
CMP 2026-09-10₹171.00
Difference(6.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of Mitsu Chem Plast Limited, 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
5.5% a year
FY26 5.4% · 5-yr CAGR 14.4%
EBITDA margin
9.9%
FY26 9.9% · 5-yr average 8.7%
Depreciation · capex, % of revenue
2.2% · 0%, fading to 1.2× depreciation
FY26 2.2% · 0.0%
Working capital, % of added revenue · tax
21.9% · 26.6%
80 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 0.84
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹64 · ₹0 · ₹0 cr
FY26 net debt ₹64 cr
Shares
1.36 crore
1.36 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
350
369
390
411
434
458
growth %
5.4
5.5
5.5
5.5
5.5
5.5
EBITDA
35
37
39
41
43
45
Depreciation
(8)
(8)
(9)
(9)
(10)
(10)
NOPAT
20
21
22
23
25
26
less capex
0
0
(3)
(5)
(9)
(12)
less working-capital build
—
(4)
(4)
(5)
(5)
(5)
Free cash flow to firm
—
25
24
22
21
19
Present value
24
20
17
14
12
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 · Mitsu Chem Plast Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
87
PV of the terminal value (69% of EV)
193
Enterprise value
280
less net debt
(64)
less non-controlling interest
0
add non-operating investments
0
Equity value
216
÷ 1.36 crore shares
₹159
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
166
180
197
218
244
10.5%
151
162
176
193
213
11.0%
138
148
159
173
189
11.5%
126
135
145
156
169
12.0%
117
124
132
142
153
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
