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Model Note · SUNSHIELD CHEMICALS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUNSHIELD CHEMICALS LTD. Discounted cash flow · base FY26
SUNSHIELD CHEMICALS LTD.
Value per share, this model₹528
CMP 2026-09-10₹1,199.90
Difference(56.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SUNSHIELD CHEMICALS 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
20.5% a year
FY26 20.5% · 5-yr CAGR 17.3%
EBITDA margin
11.8%
FY26 11.8% · 5-yr average 13.6%
Depreciation · capex, % of revenue
2.4% · 4.5%, fading to 1.2× depreciation
FY26 2.4% · 4.5%
Working capital, % of added revenue · tax
19.5% · 25.2%
71 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(13) · ₹0 · ₹0 cr
FY26 net debt ₹(13) cr
Shares
0.88 crore
0.88 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
441
531
640
771
930
1,120
growth %
20.5
20.5
20.5
20.5
20.5
20.5
EBITDA
52
63
76
91
110
132
Depreciation
(11)
(13)
(15)
(19)
(22)
(27)
NOPAT
31
37
45
54
65
79
less capex
(20)
(24)
(26)
(28)
(31)
(32)
less working-capital build
—
(18)
(21)
(26)
(31)
(37)
Free cash flow to firm
—
9
13
19
26
36
Present value
8
11
14
18
23
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 · SUNSHIELD CHEMICALS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
74
PV of the terminal value (83% of EV)
376
Enterprise value
451
less net debt
13
less non-controlling interest
0
add non-operating investments
0
Equity value
464
÷ 0.88 crore shares
₹528
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
545
588
639
702
780
10.5%
501
536
578
628
690
11.0%
463
493
528
569
618
11.5%
430
455
485
519
559
12.0%
401
423
448
477
510
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
