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Model Note · ULTRAMARINE & PIGMENTS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ULTRAMARINE & PIGMENTS L Discounted cash flow · base FY26
ULTRAMARINE & PIGMENTS L
Value per share, this model₹425
CMP 2026-09-10₹424.85
Difference(0.0)%
Growth the CMP implies11.5%/yr
This note states the assumptions and the arithmetic of one model of ULTRAMARINE & PIGMENTS L, 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
11.5% a year
FY26 11.5% · 5-yr CAGR 20.2%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 17.0%
Depreciation · capex, % of revenue
3.5% · 8.8%, fading to 1.2× depreciation
FY26 3.5% · 8.8%
Working capital, % of added revenue · tax
13.3% · 22.8%
48 working-capital days · effective 22.8%
Discount rate
11.00%
1-yr beta 0.13
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹71 · ₹0 · ₹0 cr
FY26 net debt ₹71 cr
Shares
2.92 crore
2.92 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
775
864
963
1,074
1,197
1,335
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
126
141
157
175
195
218
Depreciation
(27)
(30)
(34)
(38)
(42)
(47)
NOPAT
77
85
95
106
118
132
less capex
(68)
(76)
(74)
(70)
(64)
(56)
less working-capital build
—
(12)
(13)
(15)
(16)
(18)
Free cash flow to firm
—
28
42
59
80
104
Present value
26
36
46
55
65
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 · ULTRAMARINE & PIGMENTS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
228
PV of the terminal value (83% of EV)
1,083
Enterprise value
1,311
less net debt
(71)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,240
÷ 2.92 crore shares
₹425
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
440
477
522
576
644
10.5%
402
432
469
512
566
11.0%
369
395
425
460
503
11.5%
340
362
388
417
452
12.0%
315
334
356
381
410
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
