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Model Note · PANASONIC CARBON INDIA CO.LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PANASONIC CARBON INDIA CO.LTD. Discounted cash flow · base FY26
PANASONIC CARBON INDIA CO.LTD.
Value per share, this model₹386
CMP 2026-09-10₹430.00
Difference(10.3)%
Growth the CMP implies4.4%/yr
This note states the assumptions and the arithmetic of one model of PANASONIC CARBON INDIA CO.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
1.5% a year
FY26 1.4% · 5-yr CAGR 2.3%
EBITDA margin
33.1%
FY26 33.1% · 5-yr average 29.1%
Depreciation · capex, % of revenue
1.3% · 0.8%, fading to 1.2× depreciation
FY26 1.3% · 0.8%
Working capital, % of added revenue · tax
11.7% · 29.6%
43 working-capital days · effective 29.6%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.48 crore
0.48 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
55
56
56
57
58
59
growth %
1.4
1.5
1.5
1.5
1.5
1.5
EBITDA
18
18
19
19
19
20
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
12
12
13
13
13
13
less capex
(0)
(0)
(1)
(1)
(1)
(1)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
13
13
13
13
13
Present value
12
11
10
9
8
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 · PANASONIC CARBON INDIA CO.LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
50
PV of the terminal value (73% of EV)
134
Enterprise value
184
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
185
÷ 0.48 crore shares
₹386
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
398
426
460
500
552
10.5%
369
392
419
452
492
11.0%
343
363
386
413
445
11.5%
322
338
357
380
406
12.0%
303
317
333
352
374
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
