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 · STYRENIX PERFORMANCE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STYRENIX PERFORMANCE LTD Discounted cash flow · base FY26
STYRENIX PERFORMANCE LTD
Value per share, this model₹957
CMP 2026-09-10₹2,113.00
Difference(54.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of STYRENIX PERFORMANCE 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
15.5% a year
FY26 15.3% · 5-yr CAGR —%
EBITDA margin
9.9%
FY26 9.9% · 5-yr average 10.8%
Depreciation · capex, % of revenue
3.3% · 4.6%, fading to 1.2× depreciation
FY26 3.3% · 4.6%
Working capital, % of added revenue · tax
19.6% · 18.1%
71 working-capital days · effective 18.1%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹239 · ₹0 · ₹0 cr
FY26 net debt ₹239 cr
Shares
1.76 crore
1.76 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
3,438
3,971
4,586
5,297
6,118
7,067
growth %
15.3
15.5
15.5
15.5
15.5
15.5
EBITDA
340
393
454
524
606
700
Depreciation
(114)
(131)
(151)
(175)
(202)
(233)
NOPAT
185
215
248
286
331
382
less capex
(157)
(183)
(204)
(227)
(252)
(280)
less working-capital build
—
(104)
(121)
(139)
(161)
(186)
Free cash flow to firm
—
59
75
95
120
149
Present value
56
64
73
83
93
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 · STYRENIX PERFORMANCE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
369
PV of the terminal value (81% of EV)
1,552
Enterprise value
1,922
less net debt
(239)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,683
÷ 1.76 crore shares
₹957
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
994
1,082
1,187
1,316
1,478
10.5%
902
975
1,061
1,165
1,292
11.0%
823
885
957
1,041
1,143
11.5%
755
808
868
939
1,022
12.0%
696
741
792
852
921
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
