The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · RDB RASAYANS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RDB RASAYANS LTD. Discounted cash flow · base FY26
RDB RASAYANS LTD.
Value per share, this model₹104
CMP 2026-09-10₹169.55
Difference(38.6)%
Growth the CMP implies12.4%/yr
This note states the assumptions and the arithmetic of one model of RDB RASAYANS 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 (20.6)% · 5-yr CAGR 5.0%
EBITDA margin
18.3%
FY26 18.3% · 5-yr average 15.2%
Depreciation · capex, % of revenue
1% · 0.4%, fading to 1.2× depreciation
FY26 1.0% · 0.4%
Working capital, % of added revenue · tax
19.2% · 25.7%
70 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 0.6
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
1.77 crore
1.77 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
118
112
106
101
96
91
growth %
(20.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
22
20
19
18
18
17
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
15
14
14
13
12
12
less capex
(0)
(0)
(1)
(1)
(1)
(1)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
16
15
14
13
12
Present value
15
13
11
9
8
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 · RDB RASAYANS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
56
PV of the terminal value (70% of EV)
129
Enterprise value
186
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
185
÷ 1.77 crore shares
₹104
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
107
115
123
134
147
10.5%
100
106
113
121
132
11.0%
93
98
104
111
119
11.5%
87
92
97
102
109
12.0%
82
86
90
95
101
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
