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Model Note · R.J.SHAH & CO.LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
R.J.SHAH & CO.LTD. Discounted cash flow · base FY26
R.J.SHAH & CO.LTD.
Value per share, this model₹319
CMP 2026-08-17₹490.00
Difference(34.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of R.J.SHAH & CO.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 (97.4)% · 5-yr CAGR —%
EBITDA margin
427.9%
FY26 427.9% · 5-yr average 71.1%
Depreciation · capex, % of revenue
30.8% · 126.3%, fading to 1.2× depreciation
FY26 30.8% · 126.3%
Working capital, % of added revenue · tax
893.6% · 25.6%
3262 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.03 crore
0.03 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
0
0
0
0
0
0
growth %
(97.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1
1
1
1
1
1
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
1
1
1
1
1
1
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
1
1
1
Present value
1
1
1
0
0
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 · R.J.SHAH & CO.LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3
PV of the terminal value (74% of EV)
7
Enterprise value
10
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
9
÷ 0.03 crore shares
₹319
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
331
357
388
426
474
10.5%
303
325
350
381
419
11.0%
280
298
319
344
374
11.5%
259
275
293
314
338
12.0%
241
255
270
288
308
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
