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Model Note · RAMCO INDUSTRIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RAMCO INDUSTRIES LIMITED Discounted cash flow · base FY26
RAMCO INDUSTRIES LIMITED
Value per share, this model₹174
CMP 2026-09-10₹323.00
Difference(46.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RAMCO INDUSTRIES LIMITED, 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
8% a year
FY26 8.1% · 5-yr CAGR 8.2%
EBITDA margin
13.4%
FY26 13.4% · 5-yr average 12.1%
Depreciation · capex, % of revenue
2.1% · 2.8%, fading to 1.2× depreciation
FY26 2.1% · 2.8%
Working capital, % of added revenue · tax
38.5% · 32.3%
141 working-capital days · effective 32.3%
Discount rate
11.00%
1-yr beta 1.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹55 · ₹0 · ₹0 cr
FY26 net debt ₹55 cr
Shares
8.68 crore
8.68 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
1,792
1,936
2,090
2,258
2,438
2,633
growth %
8.1
8.0
8.0
8.0
8.0
8.0
EBITDA
240
259
280
303
327
353
Depreciation
(37)
(41)
(44)
(47)
(51)
(55)
NOPAT
137
148
160
173
187
201
less capex
(51)
(54)
(57)
(60)
(63)
(66)
less working-capital build
—
(55)
(60)
(64)
(70)
(75)
Free cash flow to firm
—
79
87
96
105
115
Present value
75
75
74
73
72
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 · RAMCO INDUSTRIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
369
PV of the terminal value (76% of EV)
1,197
Enterprise value
1,566
less net debt
(55)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,511
÷ 8.68 crore shares
₹174
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
180
194
210
230
256
10.5%
166
177
191
207
227
11.0%
153
163
174
187
203
11.5%
143
151
160
171
184
12.0%
133
140
148
158
168
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
