This note states the assumptions and the arithmetic of one model of SHRE PUSH CHEM & FERT 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
21% a year
FY26 21.1% · 5-yr CAGR 22.4%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 10.5%
Depreciation · capex, % of revenue
2.4% · 11.9%, fading to 1.2× depreciation
FY26 2.4% · 11.9%
Working capital, % of added revenue · tax
15.9% · 17.6%
58 working-capital days · effective 17.6%
Discount rate
11.00%
1-yr beta 0.84
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹126 · ₹0 · ₹0 cr
FY26 net debt ₹126 cr
Shares
3.23 crore
3.23 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
977
1,182
1,430
1,730
2,093
2,533
growth %
21.1
21.0
21.0
21.0
21.0
21.0
EBITDA
100
121
146
176
214
258
Depreciation
(23)
(28)
(34)
(42)
(50)
(61)
NOPAT
63
76
92
111
135
163
less capex
(116)
(141)
(138)
(128)
(108)
(73)
less working-capital build
—
(33)
(39)
(48)
(58)
(70)
Free cash flow to firm
—
(69)
(51)
(23)
20
81
Present value
(65)
(44)
(18)
14
50
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 · SHRE PUSH CHEM & FERT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(63)
PV of the terminal value (108% of EV)
839
Enterprise value
776
less net debt
(126)
less non-controlling interest
0
add non-operating investments
0
Equity value
650
÷ 3.23 crore shares
₹201
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
211
237
268
306
353
10.5%
184
206
231
262
299
11.0%
162
180
201
226
256
11.5%
142
158
176
196
221
12.0%
125
139
154
171
192
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
