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Model Note · VIDHI SPCLTY F INGRDNTS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VIDHI SPCLTY F INGRDNTS L Discounted cash flow · base FY26
VIDHI SPCLTY F INGRDNTS L
Value per share, this model₹130
CMP 2026-09-10₹332.50
Difference(61.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VIDHI SPCLTY F INGRDNTS 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
-0.5% a year
FY26 (0.6)% · 5-yr CAGR 7.4%
EBITDA margin
20.5%
FY26 20.5% · 5-yr average 17.4%
Depreciation · capex, % of revenue
2.4% · 4.2%, fading to 1.2× depreciation
FY26 2.4% · 4.2%
Working capital, % of added revenue · tax
53.4% · 25.6%
195 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹46 · ₹0 · ₹0 cr
FY26 net debt ₹46 cr
Shares
4.99 crore
4.99 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
380
378
376
374
372
371
growth %
(0.6)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
78
78
77
77
76
76
Depreciation
(9)
(9)
(9)
(9)
(9)
(9)
NOPAT
51
51
51
50
50
50
less capex
(16)
(16)
(15)
(13)
(12)
(11)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
45
46
47
48
49
Present value
43
39
36
33
31
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 · VIDHI SPCLTY F INGRDNTS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
183
PV of the terminal value (74% of EV)
510
Enterprise value
693
less net debt
(46)
less non-controlling interest
0
add non-operating investments
0
Equity value
647
÷ 4.99 crore shares
₹130
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
134
144
156
171
190
10.5%
123
132
142
154
168
11.0%
114
121
130
139
151
11.5%
106
112
119
127
137
12.0%
99
104
110
117
125
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
