This note states the assumptions and the arithmetic of one model of PADMANABH ALLOYS & POLYMERS 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
16.5% a year
FY26 16.7% · 5-yr CAGR 9.3%
EBITDA margin
1.8%
FY26 1.8% · 5-yr average 2.1%
Depreciation · capex, % of revenue
0.5% · 0.7%, fading to 1.2× depreciation
FY26 0.5% · 0.7%
Working capital, % of added revenue · tax
23.8% · 28.6%
87 working-capital days · effective 28.6%
Discount rate
11.00%
1-yr beta 0.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4 · ₹0 · ₹0 cr
FY26 net debt ₹4 cr
Shares
0.57 crore
0.57 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
46
53
62
72
84
98
growth %
16.7
16.5
16.5
16.5
16.5
16.5
EBITDA
1
1
1
1
2
2
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
0
1
1
1
1
less capex
(0)
(0)
(0)
(0)
(1)
(1)
less working-capital build
—
(2)
(2)
(2)
(3)
(3)
Free cash flow to firm
—
(1)
(2)
(2)
(2)
(2)
Present value
(1)
(1)
(1)
(1)
(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 · PADMANABH ALLOYS & POLYMERS LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(7)
PV of the terminal value (—% of EV)
(26)
Enterprise value
(33)
less net debt
(4)
less non-controlling interest
0
add non-operating investments
0
Equity value
(37)
÷ 0.57 crore shares
₹(65)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(67)
(71)
(77)
(83)
(92)
10.5%
(62)
(66)
(70)
(76)
(82)
11.0%
(58)
(61)
(65)
(69)
(74)
11.5%
(55)
(57)
(60)
(64)
(68)
12.0%
(51)
(54)
(56)
(59)
(63)
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
