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Model Note · RELIANCE CHEMOTEX IND LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RELIANCE CHEMOTEX IND LTD Discounted cash flow · base FY26
RELIANCE CHEMOTEX IND LTD
Value per share, this model₹174
CMP 2026-09-10₹109.00
Difference59.8%
Growth the CMP implies(8.9)%/yr
This note states the assumptions and the arithmetic of one model of RELIANCE CHEMOTEX IND 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
1% a year
FY26 1.0% · 5-yr CAGR 7.2%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 9.9%
Depreciation · capex, % of revenue
4.1% · 0.2%, fading to 1.2× depreciation
FY26 4.1% · 0.2%
Working capital, % of added revenue · tax
23.5% · -8.7%
86 working-capital days · effective (8.7)%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹266 · ₹0 · ₹0 cr
FY26 net debt ₹266 cr
Shares
0.75 crore
0.75 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
362
366
369
373
377
380
growth %
1.0
1.0
1.0
1.0
1.0
1.0
EBITDA
41
41
41
42
42
43
Depreciation
(15)
(15)
(15)
(15)
(15)
(16)
NOPAT
28
28
29
29
29
29
less capex
(1)
(1)
(5)
(10)
(14)
(19)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
42
38
34
30
25
Present value
40
32
26
21
16
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 · RELIANCE CHEMOTEX IND LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
134
PV of the terminal value (66% of EV)
263
Enterprise value
397
less net debt
(266)
less non-controlling interest
0
add non-operating investments
0
Equity value
131
÷ 0.75 crore shares
₹174
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
190
225
267
318
382
10.5%
153
182
216
257
307
11.0%
121
146
174
208
248
11.5%
94
115
139
166
199
12.0%
70
88
108
131
159
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
