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Model Note · The Phosphate Company Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
The Phosphate Company Limited Discounted cash flow · base FY24
The Phosphate Company Limited
Value per share, this model₹99
CMP 2026-09-10₹138.00
Difference(28.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of The Phosphate Company Limited, built on its filed FY24 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
-5% a year
FY24 (21.8)% · 5-yr CAGR 9.7%
EBITDA margin
6.1%
FY24 6.1% · 5-yr average 8.4%
Depreciation · capex, % of revenue
0.9% · 0.3%, fading to 1.2× depreciation
FY24 0.9% · 0.3%
Working capital, % of added revenue · tax
10.5% · 35.6%
38 working-capital days · effective 35.6%
Discount rate
11.00%
1-yr beta 0.07
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹15 · ₹0 · ₹0 cr
FY24 net debt ₹15 cr
Shares
0.36 crore
0.36 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
115
109
104
99
94
89
growth %
(21.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
7
7
6
6
6
5
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
4
4
3
3
3
3
less capex
(0)
(0)
(1)
(1)
(1)
(1)
less working-capital build
—
1
1
1
1
0
Free cash flow to firm
—
5
4
4
4
3
Present value
5
4
3
3
2
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 · The Phosphate Company Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
16
PV of the terminal value (68% of EV)
34
Enterprise value
51
less net debt
(15)
less non-controlling interest
0
add non-operating investments
0
Equity value
36
÷ 0.36 crore shares
₹99
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
103
112
124
138
155
10.5%
93
101
110
121
135
11.0%
84
91
99
108
119
11.5%
77
82
89
97
106
12.0%
70
75
81
87
95
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
