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Model Note · PRIMA PLASTICS LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRIMA PLASTICS LTD. Discounted cash flow · base FY26
PRIMA PLASTICS LTD.
Value per share, this model₹177
CMP 2026-09-21₹142.00
Difference24.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of PRIMA PLASTICS 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
-5% a year
FY26 (17.5)% · 5-yr CAGR 6.1%
EBITDA margin
17%
FY26 17.0% · 5-yr average 13.1%
Depreciation · capex, % of revenue
3.4% · 5.1%, fading to 1.2× depreciation
FY26 3.4% · 5.1%
Working capital, % of added revenue · tax
34.2% · 30.9%
125 working-capital days · effective 30.9%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
1.10 crore
1.10 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
160
152
144
137
130
124
growth %
(17.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
27
26
25
23
22
21
Depreciation
(5)
(5)
(5)
(5)
(4)
(4)
NOPAT
15
14
14
13
12
12
less capex
(8)
(8)
(7)
(6)
(6)
(5)
less working-capital build
—
3
3
2
2
2
Free cash flow to firm
—
14
14
14
13
13
Present value
14
12
11
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 · PRIMA PLASTICS LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
54
PV of the terminal value (72% of EV)
135
Enterprise value
189
less net debt
6
less non-controlling interest
0
add non-operating investments
0
Equity value
195
÷ 1.10 crore shares
₹177
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
183
195
209
227
250
10.5%
170
180
192
206
224
11.0%
158
167
177
189
203
11.5%
149
156
165
174
186
12.0%
141
147
154
162
172
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
