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Model Note · VINATI ORGANICS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VINATI ORGANICS LTD Discounted cash flow · base FY26
VINATI ORGANICS LTD
Value per share, this model₹487
CMP 2026-09-10₹1,296.00
Difference(62.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VINATI ORGANICS 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
-1% a year
FY26 (0.9)% · 5-yr CAGR 18.5%
EBITDA margin
29.4%
FY26 29.4% · 5-yr average 27.1%
Depreciation · capex, % of revenue
5% · 12.1%, fading to 1.2× depreciation
FY26 5.0% · 12.1%
Working capital, % of added revenue · tax
31.9% · 25.4%
117 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(4) · ₹0 · ₹0 cr
FY26 net debt ₹(4) cr
Shares
10.37 crore
10.37 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
2,227
2,205
2,183
2,161
2,139
2,118
growth %
(0.9)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
654
648
642
635
629
623
Depreciation
(111)
(110)
(109)
(108)
(107)
(106)
NOPAT
405
401
397
393
389
385
less capex
(270)
(267)
(231)
(196)
(161)
(127)
less working-capital build
—
7
7
7
7
7
Free cash flow to firm
—
252
283
313
342
371
Present value
239
242
241
238
232
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 · VINATI ORGANICS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,191
PV of the terminal value (76% of EV)
3,854
Enterprise value
5,046
less net debt
4
less non-controlling interest
0
add non-operating investments
0
Equity value
5,050
÷ 10.37 crore shares
₹487
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
503
540
585
639
707
10.5%
464
495
531
575
628
11.0%
431
457
487
523
566
11.5%
402
424
449
479
514
12.0%
377
396
417
442
472
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
