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Model Note · PANAMA PETROCHEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PANAMA PETROCHEM LTD Discounted cash flow · base FY26
PANAMA PETROCHEM LTD
Value per share, this model₹427
CMP 2026-09-10₹483.00
Difference(11.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PANAMA PETROCHEM 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
9.5% a year
FY26 9.7% · 5-yr CAGR 16.2%
EBITDA margin
9%
FY26 9.0% · 5-yr average 11.2%
Depreciation · capex, % of revenue
0.5% · 1.8%, fading to 1.2× depreciation
FY26 0.5% · 1.8%
Working capital, % of added revenue · tax
30.9% · 19.1%
113 working-capital days · effective 19.1%
Discount rate
11.00%
1-yr beta 0.88
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7 · ₹0 · ₹0 cr
FY26 net debt ₹7 cr
Shares
6.05 crore
6.05 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
3,064
3,355
3,674
4,023
4,405
4,824
growth %
9.7
9.5
9.5
9.5
9.5
9.5
EBITDA
276
302
331
362
396
434
Depreciation
(14)
(17)
(18)
(20)
(22)
(24)
NOPAT
212
231
253
277
303
332
less capex
(54)
(60)
(55)
(48)
(40)
(29)
less working-capital build
—
(90)
(98)
(108)
(118)
(129)
Free cash flow to firm
—
97
117
141
167
198
Present value
92
100
108
116
124
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 · PANAMA PETROCHEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
541
PV of the terminal value (79% of EV)
2,052
Enterprise value
2,592
less net debt
(7)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,585
÷ 6.05 crore shares
₹427
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
442
476
516
566
628
10.5%
406
435
468
508
556
11.0%
376
400
427
460
499
11.5%
350
370
393
420
452
12.0%
327
344
364
387
413
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
