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Model Note · TANFAC INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TANFAC INDUSTRIES LTD. Discounted cash flow · base FY26
TANFAC INDUSTRIES LTD.
Value per share, this model₹495
CMP 2026-09-10₹3,395.00
Difference(85.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TANFAC INDUSTRIES 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
27.5% a year
FY26 27.7% · 5-yr CAGR 36.9%
EBITDA margin
15.8%
FY26 15.8% · 5-yr average 20.2%
Depreciation · capex, % of revenue
2.5% · 11.6%, fading to 1.2× depreciation
FY26 2.5% · 11.6%
Working capital, % of added revenue · tax
25.1% · 24.3%
92 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹72 · ₹0 · ₹0 cr
FY26 net debt ₹72 cr
Shares
2.00 crore
2.00 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
711
907
1,156
1,474
1,879
2,396
growth %
27.7
27.5
27.5
27.5
27.5
27.5
EBITDA
112
143
183
233
297
379
Depreciation
(17)
(23)
(29)
(37)
(47)
(60)
NOPAT
72
91
116
148
189
241
less capex
(82)
(105)
(109)
(108)
(97)
(72)
less working-capital build
—
(49)
(63)
(80)
(102)
(130)
Free cash flow to firm
—
(40)
(27)
(2)
38
100
Present value
(38)
(23)
(2)
26
62
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 · TANFAC INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
26
PV of the terminal value (98% of EV)
1,034
Enterprise value
1,059
less net debt
(72)
less non-controlling interest
0
add non-operating investments
0
Equity value
987
÷ 2.00 crore shares
₹495
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
515
567
629
705
799
10.5%
462
505
556
617
691
11.0%
417
453
495
545
605
11.5%
378
408
444
485
534
12.0%
343
370
400
435
476
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
