The Discounted Cash Flow (DCF) valuation of Phillips Carbon Black Ltd (PHILIPCARB.NS) is 121.99 INR. With the latest stock price at 202.45 INR, the upside of Phillips Carbon Black Ltd based on DCF is -39.7%.

Is PHILIPCARB.NS a buy or a sell?

Based on the latest price of 202.45 INR and our DCF valuation, Phillips Carbon Black Ltd (PHILIPCARB.NS) is a sell. Selling PHILIPCARB.NS stocks now will result in a potential gain of 39.7%.

	Range	Selected
WACC / Discount Rate	14.0% - 16.8%	15.4%
Long-term Growth Rate	2.5% - 4.5%	3.5%
Fair Price	102.03 - 151.96	121.99
Upside	-49.6% - -24.9%	-39.7%

202.45 INR

Stock Price

121.99 INR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

PHILIPCARB.NS DCF Valuation: Revenue & Expenses Forecast

(INR in millions)		Projections

	03-2021	03-2022	03-2023	03-2024	03-2025	03-2026

Revenue	26,595	28,553	30,321	32,552	33,203	33,868
% Growth	18%	7%	6%	7%	2%	2%

Cost of goods sold	(17,294)	(18,567)	(19,717)	(21,168)	(21,591)	(22,023)
% of Revenue	65%	65%	65%	65%	65%	65%

Selling, G&A expenses	(3,513)	(3,772)	(4,005)	(4,300)	(4,386)	(4,474)
% of Revenue	13%	13%	13%	13%	13%	13%

Research & Development	(90)	(97)	(103)	(110)	(112)	(115)
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(1,778)	(1,909)	(2,027)	(2,176)	(2,220)	(2,264)
% of Revenue	7%	7%	7%	7%	7%	7%

Tax expense	(781)	(1,026)	(1,089)	(1,169)	(1,193)	(1,217)
Tax rate	20%	24%	24%	24%	24%	24%

Net profit	3,139	3,183	3,380	3,629	3,701	3,775
% Margin	12%	11%	11%	11%	11%	11%