This note states the assumptions and the arithmetic of one model of TIRUPATI STARCH & CHEMICALS LT, 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
-5% a year
FY26 (5.9)% · 5-yr CAGR —%
EBITDA margin
6.8%
FY26 6.8% · 5-yr average 6.7%
Depreciation · capex, % of revenue
2.3% · 2%, fading to 1.2× depreciation
FY26 2.3% · 2.0%
Working capital, % of added revenue · tax
12.6% · 26.8%
46 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹110 · ₹0 · ₹0 cr
FY26 net debt ₹110 cr
Shares
0.96 crore
0.96 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
363
345
328
311
296
281
growth %
(5.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
25
23
22
21
20
19
Depreciation
(8)
(8)
(8)
(7)
(7)
(6)
NOPAT
12
11
11
10
10
9
less capex
(7)
(7)
(7)
(7)
(8)
(8)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
15
13
12
11
10
Present value
14
11
9
8
6
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 · TIRUPATI STARCH & CHEMICALS LT · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
48
PV of the terminal value (68% of EV)
102
Enterprise value
150
less net debt
(110)
less non-controlling interest
0
add non-operating investments
0
Equity value
40
÷ 0.96 crore shares
₹42
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
47
58
70
86
105
10.5%
36
45
55
68
83
11.0%
26
34
42
52
65
11.5%
18
24
31
40
50
12.0%
10
16
22
29
38
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
