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Model Note · PRIVI SPECIALITY CHE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PRIVI SPECIALITY CHE LTD Discounted cash flow · base FY26
PRIVI SPECIALITY CHE LTD
Value per share, this model₹1,288
CMP 2026-09-10₹3,551.10
Difference(63.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PRIVI SPECIALITY CHE 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
22% a year
FY26 22.0% · 5-yr CAGR 15.0%
EBITDA margin
25.2%
FY26 25.2% · 5-yr average 18.2%
Depreciation · capex, % of revenue
5.6% · 12.5%, fading to 1.2× depreciation
FY26 5.6% · 12.5%
Working capital, % of added revenue · tax
32.2% · 28%
117 working-capital days · effective 28.0%
Discount rate
11.00%
1-yr beta 0.61
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹966 · ₹0 · ₹0 cr
FY26 net debt ₹966 cr
Shares
3.91 crore
3.91 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
2,564
3,128
3,816
4,655
5,679
6,929
growth %
22.0
22.0
22.0
22.0
22.0
22.0
EBITDA
646
788
962
1,173
1,431
1,746
Depreciation
(144)
(175)
(214)
(261)
(318)
(388)
NOPAT
362
441
538
657
801
978
less capex
(320)
(391)
(422)
(447)
(464)
(466)
less working-capital build
—
(182)
(222)
(270)
(330)
(402)
Free cash flow to firm
—
44
109
200
326
498
Present value
42
93
154
226
311
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 · PRIVI SPECIALITY CHE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
826
PV of the terminal value (86% of EV)
5,171
Enterprise value
5,997
less net debt
(966)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,031
÷ 3.91 crore shares
₹1,288
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,342
1,474
1,633
1,826
2,068
10.5%
1,205
1,315
1,444
1,600
1,790
11.0%
1,088
1,180
1,288
1,415
1,568
11.5%
987
1,065
1,156
1,262
1,386
12.0%
898
966
1,043
1,132
1,236
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
