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Model Note · PUNJAB CHEM & CROP PROT L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PUNJAB CHEM & CROP PROT L Discounted cash flow · base FY26
PUNJAB CHEM & CROP PROT L
Value per share, this model₹407
CMP 2026-09-10₹1,072.50
Difference(62.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PUNJAB CHEM & CROP PROT L, 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
14.5% a year
FY26 14.4% · 5-yr CAGR 8.7%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 12.2%
Depreciation · capex, % of revenue
2.8% · 4.4%, fading to 1.2× depreciation
FY26 2.8% · 4.4%
Working capital, % of added revenue · tax
26.8% · 24.1%
98 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹146 · ₹0 · ₹0 cr
FY26 net debt ₹146 cr
Shares
1.23 crore
1.23 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
1,030
1,179
1,350
1,546
1,770
2,027
growth %
14.4
14.5
14.5
14.5
14.5
14.5
EBITDA
116
133
153
175
200
229
Depreciation
(29)
(33)
(38)
(43)
(50)
(57)
NOPAT
66
76
87
100
114
131
less capex
(46)
(52)
(56)
(60)
(64)
(68)
less working-capital build
—
(40)
(46)
(52)
(60)
(69)
Free cash flow to firm
—
17
23
31
40
51
Present value
16
20
24
27
32
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 · PUNJAB CHEM & CROP PROT L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
119
PV of the terminal value (82% of EV)
526
Enterprise value
645
less net debt
(146)
less non-controlling interest
0
add non-operating investments
0
Equity value
499
÷ 1.23 crore shares
₹407
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
425
467
519
581
660
10.5%
380
416
458
508
569
11.0%
342
372
407
448
497
11.5%
309
334
364
398
438
12.0%
280
302
327
356
389
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
