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Model Note · ZUARI AGRO CHEMICALS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZUARI AGRO CHEMICALS LTD Discounted cash flow · base FY26
ZUARI AGRO CHEMICALS LTD
Value per share, this model₹2,046
CMP 2026-09-10₹220.80
Difference826.8%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of ZUARI AGRO CHEMICALS 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% a year
FY26 (27.9)% · 5-yr CAGR 5.9%
EBITDA margin
35%
FY26 35.0% · 5-yr average 14.9%
Depreciation · capex, % of revenue
1.8% · 5%, fading to 1.2× depreciation
FY26 1.8% · 5.0%
Working capital, % of added revenue · tax
3.9% · 22.1%
14 working-capital days · effective 22.1%
Discount rate
11.00%
1-yr beta 1.5
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹609 · ₹0 · ₹0 cr
FY26 net debt ₹609 cr
Shares
4.21 crore
4.21 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
3,200
3,040
2,888
2,743
2,606
2,476
growth %
(27.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1,121
1,064
1,011
960
912
867
Depreciation
(59)
(55)
(52)
(49)
(47)
(45)
NOPAT
828
786
747
710
674
640
less capex
(160)
(152)
(124)
(98)
(75)
(53)
less working-capital build
—
6
6
6
5
5
Free cash flow to firm
—
695
681
666
651
637
Present value
660
582
513
452
398
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 · ZUARI AGRO CHEMICALS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,605
PV of the terminal value (72% of EV)
6,610
Enterprise value
9,216
less net debt
(609)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,607
÷ 4.21 crore shares
₹2,046
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,116
2,273
2,461
2,690
2,978
10.5%
1,951
2,081
2,235
2,419
2,645
11.0%
1,809
1,918
2,046
2,197
2,379
11.5%
1,686
1,779
1,887
2,012
2,161
12.0%
1,579
1,659
1,750
1,856
1,979
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
