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Model Note · VISHNU CHEMICALS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VISHNU CHEMICALS LIMITED Discounted cash flow · base FY26
VISHNU CHEMICALS LIMITED
Value per share, this model₹179
CMP 2026-09-10₹714.90
Difference(74.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VISHNU CHEMICALS LIMITED, 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 11.3% · 5-yr CAGR 18.9%
EBITDA margin
15.7%
FY26 15.7% · 5-yr average 15.8%
Depreciation · capex, % of revenue
2.6% · 16%, fading to 1.2× depreciation
FY26 2.6% · 16.0%
Working capital, % of added revenue · tax
28.4% · 27.2%
104 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 0.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹519 · ₹0 · ₹0 cr
FY26 net debt ₹519 cr
Shares
6.73 crore
6.73 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
1,610
1,795
2,001
2,231
2,488
2,774
growth %
11.3
11.5
11.5
11.5
11.5
11.5
EBITDA
252
282
314
350
391
436
Depreciation
(41)
(47)
(52)
(58)
(65)
(72)
NOPAT
154
171
191
213
237
265
less capex
(257)
(287)
(256)
(213)
(158)
(87)
less working-capital build
—
(53)
(59)
(65)
(73)
(81)
Free cash flow to firm
—
(122)
(71)
(8)
71
169
Present value
(116)
(61)
(6)
50
106
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 · VISHNU CHEMICALS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(28)
PV of the terminal value (102% of EV)
1,754
Enterprise value
1,726
less net debt
(519)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,207
÷ 6.73 crore shares
₹179
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
189
215
247
285
332
10.5%
163
184
210
240
278
11.0%
140
158
179
204
234
11.5%
120
136
154
174
199
12.0%
103
116
132
149
170
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
