This note states the assumptions and the arithmetic of one model of CHAMAN LAL SETIA EXP 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
-3.5% a year
FY26 (3.7)% · 5-yr CAGR 11.1%
EBITDA margin
10.9%
FY26 10.9% · 5-yr average 10.8%
Depreciation · capex, % of revenue
0.3% · 0.7%, fading to 1.2× depreciation
FY26 0.3% · 0.7%
Working capital, % of added revenue · tax
45.3% · 25.4%
165 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹82 · ₹0 · ₹0 cr
FY26 net debt ₹82 cr
Shares
4.97 crore
4.97 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
1,440
1,389
1,341
1,294
1,248
1,205
growth %
(3.7)
(3.5)
(3.5)
(3.5)
(3.5)
(3.5)
EBITDA
157
151
146
141
136
131
Depreciation
(5)
(4)
(4)
(4)
(4)
(4)
NOPAT
113
110
106
102
99
95
less capex
(10)
(10)
(8)
(7)
(6)
(4)
less working-capital build
—
23
22
21
21
20
Free cash flow to firm
—
127
124
121
117
114
Present value
121
106
93
81
71
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 · CHAMAN LAL SETIA EXP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
472
PV of the terminal value (72% of EV)
1,187
Enterprise value
1,660
less net debt
(82)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,578
÷ 4.97 crore shares
₹317
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
328
352
380
415
459
10.5%
303
323
346
374
408
11.0%
281
298
317
340
368
11.5%
263
277
293
312
335
12.0%
246
258
272
288
307
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
