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Model Note · RADICO KHAITAN LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RADICO KHAITAN LTD Discounted cash flow · base FY26
RADICO KHAITAN LTD
Value per share, this model₹607
CMP 2026-09-10₹4,368.10
Difference(86.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RADICO KHAITAN 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
22.5% a year
FY26 22.7% · 5-yr CAGR 15.1%
EBITDA margin
4.8%
FY26 4.8% · 5-yr average 3.6%
Depreciation · capex, % of revenue
0.7% · 1.2%, fading to 1.2× depreciation
FY26 0.7% · 1.2%
Working capital, % of added revenue · tax
9.7% · 25.1%
35 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹262 · ₹0 · ₹0 cr
FY26 net debt ₹262 cr
Shares
13.39 crore
13.39 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
20,976
25,696
31,478
38,560
47,236
57,864
growth %
22.7
22.5
22.5
22.5
22.5
22.5
EBITDA
1,005
1,233
1,511
1,851
2,267
2,777
Depreciation
(153)
(180)
(220)
(270)
(331)
(405)
NOPAT
638
789
967
1,184
1,451
1,777
less capex
(245)
(308)
(349)
(393)
(439)
(486)
less working-capital build
—
(458)
(561)
(687)
(842)
(1,031)
Free cash flow to firm
—
203
277
374
500
665
Present value
192
237
288
347
416
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 · RADICO KHAITAN LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,480
PV of the terminal value (82% of EV)
6,906
Enterprise value
8,387
less net debt
(262)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,125
÷ 13.39 crore shares
₹607
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
628
680
741
817
911
10.5%
575
617
668
728
802
11.0%
529
565
607
656
716
11.5%
489
520
555
596
645
12.0%
454
481
511
545
586
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
