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Model Note · SHREE AJIT PULP & PAPER L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHREE AJIT PULP & PAPER L Discounted cash flow · base FY26
SHREE AJIT PULP & PAPER L
Value per share, this model₹715
CMP 2026-09-10₹290.80
Difference145.9%
Growth the CMP implies(17.7)%/yr
This note states the assumptions and the arithmetic of one model of SHREE AJIT PULP & PAPER L, 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
30% a year
FY26 38.7% · 5-yr CAGR 21.3%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average 9.9%
Depreciation · capex, % of revenue
2.8% · 0.7%, fading to 1.2× depreciation
FY26 2.8% · 0.7%
Working capital, % of added revenue · tax
19.2% · 28.8%
70 working-capital days · effective 28.8%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹255 · ₹0 · ₹0 cr
FY26 net debt ₹255 cr
Shares
0.89 crore
0.89 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
701
911
1,185
1,540
2,002
2,603
growth %
38.7
30.0
30.0
30.0
30.0
30.0
EBITDA
94
121
158
205
266
346
Depreciation
(20)
(26)
(33)
(43)
(56)
(73)
NOPAT
52
68
89
115
150
195
less capex
(5)
(6)
(16)
(31)
(54)
(87)
less working-capital build
—
(40)
(52)
(68)
(89)
(115)
Free cash flow to firm
—
47
53
59
63
65
Present value
45
45
45
44
40
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 · SHREE AJIT PULP & PAPER L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
219
PV of the terminal value (75% of EV)
672
Enterprise value
891
less net debt
(255)
less non-controlling interest
0
add non-operating investments
0
Equity value
636
÷ 0.89 crore shares
₹715
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
748
823
914
1,024
1,162
10.5%
669
731
805
894
1,002
11.0%
601
654
715
788
875
11.5%
542
587
639
699
770
12.0%
491
529
573
624
683
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
