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Model Note · PRICOL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRICOL LIMITED Discounted cash flow · base FY26
PRICOL LIMITED
Value per share, this model₹344
CMP 2026-09-10₹765.30
Difference(55.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PRICOL LIMITED, 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 50.1% · 5-yr CAGR 23.4%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 11.8%
Depreciation · capex, % of revenue
3% · 8%, fading to 1.2× depreciation
FY26 3.0% · 8.0%
Working capital, % of added revenue · tax
14.1% · 24.2%
52 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹245 · ₹0 · ₹0 cr
FY26 net debt ₹245 cr
Shares
12.19 crore
12.19 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
4,041
5,253
6,829
8,878
11,541
15,003
growth %
50.1
30.0
30.0
30.0
30.0
30.0
EBITDA
469
609
792
1,030
1,339
1,740
Depreciation
(120)
(158)
(205)
(266)
(346)
(450)
NOPAT
265
342
445
579
752
978
less capex
(323)
(420)
(471)
(515)
(542)
(540)
less working-capital build
—
(171)
(222)
(289)
(376)
(488)
Free cash flow to firm
—
(91)
(43)
41
181
400
Present value
(87)
(37)
32
125
250
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 · PRICOL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
284
PV of the terminal value (94% of EV)
4,152
Enterprise value
4,436
less net debt
(245)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,191
÷ 12.19 crore shares
₹344
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
357
391
432
482
544
10.5%
322
350
384
424
473
11.0%
292
316
344
377
416
11.5%
267
287
310
337
369
12.0%
244
261
281
304
331
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
