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Model Note · RAJSHREE SUGAR & CHEMICAL · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAJSHREE SUGAR & CHEMICAL Discounted cash flow · base FY26
RAJSHREE SUGAR & CHEMICAL
Value per share, this model₹(53)
CMP, 29 Oct 2026₹26.80
Difference(297.4)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of RAJSHREE SUGAR & CHEMICAL, built on its filed FY26 standalone 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 (15.1)% · 5-yr CAGR 8.4%
EBITDA margin
6.5%
FY26 6.5% · 5-yr average 6.7%
Depreciation · capex, % of revenue
4.3% · 0.7%, fading to 1.2× depreciation
FY26 4.3% · 0.7%
Working capital, % of added revenue · tax
22.5% · 40.7%
82 working-capital days · effective 40.7%
Discount rate
11.00%
1-yr beta 0.59
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹324 · ₹0 · ₹0 cr
FY26 net debt ₹324 cr
Shares
3.31 crore
3.31 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
545
517
492
467
444
421
growth %
(15.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
35
34
32
30
29
27
Depreciation
(23)
(22)
(21)
(20)
(19)
(18)
NOPAT
7
7
6
6
6
5
less capex
(4)
(4)
(9)
(14)
(18)
(22)
less working-capital build
—
6
6
6
5
5
Free cash flow to firm
—
32
24
18
12
7
Present value
30
21
14
8
4
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 · RAJSHREE SUGAR & CHEMICAL · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
77
PV of the terminal value (48% of EV)
71
Enterprise value
149
less net debt
(324)
less non-controlling interest
0
add non-operating investments
0
Equity value
(175)
÷ 3.31 crore shares
₹(53)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(52)
(50)
(47)
(44)
(40)
10.5%
(54)
(52)
(50)
(48)
(45)
11.0%
(56)
(55)
(53)
(51)
(48)
11.5%
(58)
(57)
(55)
(53)
(51)
12.0%
(59)
(58)
(57)
(56)
(54)
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
