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Model Note · REFEX INDUSTRIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
REFEX INDUSTRIES LIMITED Discounted cash flow · base FY26
REFEX INDUSTRIES LIMITED
Value per share, this model₹229
CMP 2026-09-10₹273.50
Difference(16.1)%
Growth the CMP implies2.5%/yr
This note states the assumptions and the arithmetic of one model of REFEX 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
-5% a year
FY26 (7.7)% · 5-yr CAGR 29.2%
EBITDA margin
15.7%
FY26 15.7% · 5-yr average 11.2%
Depreciation · capex, % of revenue
0.9% · 0%, fading to 1.2× depreciation
FY26 0.9% · 0.0%
Working capital, % of added revenue · tax
21.9% · 26.6%
80 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 1.32
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22) · ₹0 · ₹0 cr
FY26 net debt ₹(22) cr
Shares
13.72 crore
13.72 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
2,277
2,163
2,055
1,952
1,854
1,762
growth %
(7.7)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
357
340
323
306
291
277
Depreciation
(20)
(19)
(18)
(18)
(17)
(16)
NOPAT
247
235
223
212
201
191
less capex
0
0
(6)
(11)
(15)
(19)
less working-capital build
—
25
24
22
21
20
Free cash flow to firm
—
279
260
242
224
209
Present value
265
222
186
156
130
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 · REFEX INDUSTRIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
960
PV of the terminal value (69% of EV)
2,165
Enterprise value
3,125
less net debt
22
less non-controlling interest
0
add non-operating investments
0
Equity value
3,147
÷ 13.72 crore shares
₹229
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
236
252
271
294
323
10.5%
220
233
248
267
289
11.0%
206
217
229
245
263
11.5%
193
202
213
226
241
12.0%
182
190
200
210
223
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
