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Model Note · ORGANIC RECYCLING SYSTEMS LIMI · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ORGANIC RECYCLING SYSTEMS LIMI Discounted cash flow · base FY26
ORGANIC RECYCLING SYSTEMS LIMI
Value per share, this model₹433
CMP 2026-09-10₹171.10
Difference153.1%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of ORGANIC RECYCLING SYSTEMS LIMI, 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 140.0% · 5-yr CAGR —%
EBITDA margin
28.8%
FY26 28.8% · 5-yr average 28.8%
Depreciation · capex, % of revenue
3.7% · 0.2%, fading to 1.2× depreciation
FY26 3.7% · 0.2%
Working capital, % of added revenue · tax
64.3% · 5.3%
235 working-capital days · effective 5.3%
Discount rate
11.00%
1-yr beta 0.53
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹42 · ₹0 · ₹0 cr
FY26 net debt ₹42 cr
Shares
0.88 crore
0.88 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
105
137
178
231
300
390
growth %
140.0
30.0
30.0
30.0
30.0
30.0
EBITDA
30
39
51
66
86
112
Depreciation
(4)
(5)
(7)
(9)
(11)
(14)
NOPAT
25
32
42
55
71
93
less capex
(0)
(0)
(2)
(5)
(10)
(17)
less working-capital build
—
(20)
(26)
(34)
(45)
(58)
Free cash flow to firm
—
17
20
24
28
32
Present value
16
17
18
19
20
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 · ORGANIC RECYCLING SYSTEMS LIMI · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
91
PV of the terminal value (78% of EV)
332
Enterprise value
423
less net debt
(42)
less non-controlling interest
0
add non-operating investments
0
Equity value
381
÷ 0.88 crore shares
₹433
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
449
487
532
587
656
10.5%
410
441
478
522
576
11.0%
376
402
433
469
513
11.5%
347
369
395
425
461
12.0%
321
341
363
388
417
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
