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Model Note · VELJAN DENISON LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VELJAN DENISON LTD. Discounted cash flow · base FY26
VELJAN DENISON LTD.
Value per share, this model₹747
CMP 2026-09-10₹1,890.00
Difference(60.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VELJAN DENISON 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
5.5% a year
FY26 5.4% · 5-yr CAGR —%
EBITDA margin
24.2%
FY26 24.2% · 5-yr average 23.3%
Depreciation · capex, % of revenue
3.9% · 3.9%, fading to 1.2× depreciation
FY26 3.9% · 3.9%
Working capital, % of added revenue · tax
61.3% · 27.7%
224 working-capital days · effective 27.7%
Discount rate
11.00%
1-yr beta 0.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(15) · ₹0 · ₹0 cr
FY26 net debt ₹(15) cr
Shares
0.45 crore
0.45 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
164
173
183
193
203
214
growth %
5.4
5.5
5.5
5.5
5.5
5.5
EBITDA
40
42
44
47
49
52
Depreciation
(6)
(7)
(7)
(8)
(8)
(8)
NOPAT
24
25
27
28
30
31
less capex
(6)
(7)
(7)
(8)
(9)
(10)
less working-capital build
—
(6)
(6)
(6)
(6)
(7)
Free cash flow to firm
—
20
21
21
22
23
Present value
19
18
16
15
14
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 · VELJAN DENISON LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
83
PV of the terminal value (74% of EV)
238
Enterprise value
321
less net debt
15
less non-controlling interest
0
add non-operating investments
0
Equity value
336
÷ 0.45 crore shares
₹747
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
770
823
886
963
1,060
10.5%
714
758
810
872
948
11.0%
667
704
747
798
859
11.5%
625
657
693
735
785
12.0%
589
616
647
683
724
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
