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Model Note · PASUPATI ACRYLON LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PASUPATI ACRYLON LIMITED Discounted cash flow · base FY26
PASUPATI ACRYLON LIMITED
Value per share, this model₹214
CMP, 9 Oct 2026₹70.75
Difference202.6%
Growth the CMP implies(13.4)%/yr
This note states the assumptions and the arithmetic of one model of PASUPATI ACRYLON LIMITED, built on its filed FY26 standalone 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 62.6% · 5-yr CAGR 14.9%
EBITDA margin
10.9%
FY26 10.9% · 5-yr average 7.0%
Depreciation · capex, % of revenue
1.2% · 1.1%, fading to 1.2× depreciation
FY26 1.2% · 1.1%
Working capital, % of added revenue · tax
12.3% · 25.9%
45 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹65 · ₹0 · ₹0 cr
FY26 net debt ₹65 cr
Shares
8.91 crore
8.91 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
1,010
1,313
1,707
2,219
2,885
3,751
growth %
62.6
30.0
30.0
30.0
30.0
30.0
EBITDA
111
143
186
242
314
409
Depreciation
(12)
(16)
(20)
(27)
(35)
(45)
NOPAT
73
94
123
160
207
270
less capex
(11)
(14)
(20)
(28)
(39)
(54)
less working-capital build
—
(37)
(48)
(63)
(82)
(106)
Free cash flow to firm
—
58
75
95
121
154
Present value
55
64
73
84
96
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 · PASUPATI ACRYLON LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
373
PV of the terminal value (81% of EV)
1,601
Enterprise value
1,973
less net debt
(65)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,908
÷ 8.91 crore shares
₹214
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
222
240
261
287
320
10.5%
203
218
235
257
282
11.0%
187
200
214
231
252
11.5%
173
184
196
210
227
12.0%
161
170
181
193
207
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
