SUKHJIT STARCH & CHEM LTD — valuation model

SUKHJIT STARCH & CHEM LTDSUKHJITSAgricultural Food & other Products

₹79per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹79implied FY26 P/E 7.3× · EV/EBITDA 7.0×

Against CMP ₹160.50−50.5%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3164%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹44₹150

52-week rangetraded range, a fact not a value

₹137₹231

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	205
PV of terminal value	373
Enterprise value	578
less net debt	(330)
less non-controlling interest	0
add non-operating investments	0
Equity value	248
÷ 3.12 crore shares	₹79

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	85	97	111	129	150
10.50%	72	82	94	108	125
11.00%	61	70	79	91	105
11.50%	52	59	67	77	88
12.00%	44	50	57	65	74

The outlined cell is your model. Green figures sit above the CMP of ₹160.50; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	51 · 80 · 113
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.75
Rank correlation with discount rate	−0.63
Rank correlation with revenue growth	−0.03

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	1,447	1,375	1,498	1,432	1,368	1,306	1,248	1,191	1,138
growth %	24.8	(4.9)	8.9	(4.4)	(4.5)	(4.5)	(4.5)	(4.5)	(4.5)
EBITDA	147	128	112	83	79	76	72	69	66
margin %	10.2	9.3	7.5	5.8	5.8	5.8	5.8	5.8	5.8
less depreciation	(36)	(35)	(36)	(34)	(33)	(31)	(30)	(29)	(27)
EBIT	111	93	76	48	47	44	42	41	39
less tax on EBIT				(12)	(11)	(11)	(10)	(10)	(9)
NOPAT				37	35	34	32	31	29
add depreciation	36	35	36	34	33	31	30	29	27
less capex	(37)	(43)	(40)	(15)	(15)	(20)	(25)	(29)	(33)
less working-capital build				—	14	14	13	13	12
Free cash flow to firm	4	35	28	—	68	59	50	43	36
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					64	50	39	30	22

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 330, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	48	47	44	42	41	39
Interest at 10.2% on debt		(34)	(34)	(34)	(34)	(34)
Profit before tax		13	11	9	7	5
Profit after tax	0	10	8	7	5	4
Dividends	(3)	0	0	0	0	0
Balance sheet, year end
Cash	1	43	76	101	118	128
Working capital	320	305	292	279	266	254
Net block and other assets	769	751	740	735	735	741
Debt	330	330	330	330	330	330
Equity	567	577	585	592	597	601
Balance check	0	0	0	0	0	(0)
Cash flow
From operations		57	53	50	46	43
Investing (capex)		(15)	(20)	(25)	(29)	(33)
Financing (dividends)		0	0	0	0	0
Net change in cash		42	33	25	17	10
Free cash flow to equity		42	33	25	17	10

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	-4.5%	5.8%	11.00%	5%	₹79	(50.5)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.