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Model Note · UNIVERSAL STARCH-CHEM ALLIED L · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNIVERSAL STARCH-CHEM ALLIED L Discounted cash flow · base FY26
UNIVERSAL STARCH-CHEM ALLIED L
Value per share, this model₹463
CMP, 28 Oct 2026₹200.00
Difference131.3%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of UNIVERSAL STARCH-CHEM ALLIED L, built on its filed FY26 standalone 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
-0.5% a year
FY26 (0.5)% · 5-yr CAGR 10.5%
EBITDA margin
6.6%
FY26 6.6% · 5-yr average 4.6%
Depreciation · capex, % of revenue
1.5% · 0.4%, fading to 1.2× depreciation
FY26 1.5% · 0.4%
Working capital, % of added revenue · tax
9.5% · 27.9%
35 working-capital days · effective 27.9%
Discount rate
11.00%
1-yr beta 0.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹54 · ₹0 · ₹0 cr
FY26 net debt ₹54 cr
Shares
0.42 crore
0.42 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
489
486
484
481
479
477
growth %
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
32
32
32
32
32
31
Depreciation
(7)
(7)
(7)
(7)
(7)
(7)
NOPAT
18
18
18
18
18
18
less capex
(2)
(2)
(4)
(5)
(7)
(9)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
23
22
20
18
16
Present value
22
19
15
13
10
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 · UNIVERSAL STARCH-CHEM ALLIED L · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
79
PV of the terminal value (68% of EV)
169
Enterprise value
248
less net debt
(54)
less non-controlling interest
0
add non-operating investments
0
Equity value
194
÷ 0.42 crore shares
₹463
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
481
521
569
628
702
10.5%
438
472
511
559
616
11.0%
402
430
463
501
548
11.5%
370
394
422
454
492
12.0%
342
363
386
413
445
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
