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Model Note · RALLIS INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RALLIS INDIA LTD Discounted cash flow · base FY22
RALLIS INDIA LTD
Value per share, this model₹79
CMP 2026-09-10₹201.76
Difference(60.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RALLIS INDIA LTD, built on its filed FY22 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
7% a year
FY22 7.2% · 5-yr CAGR —%
EBITDA margin
10.5%
FY22 10.5% · 5-yr average 12.1%
Depreciation · capex, % of revenue
2.9% · 6%, fading to 1.2× depreciation
FY22 2.9% · 6.0%
Working capital, % of added revenue · tax
24.2% · 26.2%
89 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 1.2
After FY27
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹69 · ₹0 · ₹0 cr
FY22 net debt ₹69 cr
Shares
19.00 crore
19.00 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY22
FY23
FY24
FY25
FY26
FY27
Revenue
2,604
2,786
2,981
3,190
3,413
3,652
growth %
7.2
7.0
7.0
7.0
7.0
7.0
EBITDA
274
293
313
335
358
383
Depreciation
(74)
(81)
(86)
(93)
(99)
(106)
NOPAT
147
156
167
179
191
205
less capex
(156)
(167)
(160)
(151)
(140)
(127)
less working-capital build
—
(44)
(47)
(51)
(54)
(58)
Free cash flow to firm
—
26
46
70
96
126
Present value
24
40
54
67
79
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 · RALLIS INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
263
PV of the terminal value (83% of EV)
1,307
Enterprise value
1,570
less net debt
(69)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,501
÷ 19.00 crore shares
₹79
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
82
89
97
107
120
10.5%
75
80
87
95
105
11.0%
69
73
79
86
94
11.5%
63
67
72
78
84
12.0%
59
62
66
71
76
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
