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Model Note · PASUPATI SPG.& WVG.MILLS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PASUPATI SPG.& WVG.MILLS LTD. Discounted cash flow · base FY26
PASUPATI SPG.& WVG.MILLS LTD.
Value per share, this model₹14
CMP 2026-09-10₹35.82
Difference(61.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PASUPATI SPG.& WVG.MILLS 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 (1.2)% · 5-yr CAGR 8.4%
EBITDA margin
8.5%
FY26 8.5% · 5-yr average 6.1%
Depreciation · capex, % of revenue
2.4% · 0%, fading to 1.2× depreciation
FY26 2.4% · 0.0%
Working capital, % of added revenue · tax
46.1% · 30%
168 working-capital days · effective 30.0%
Discount rate
11.00%
1-yr beta 0.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹51 · ₹0 · ₹0 cr
FY26 net debt ₹51 cr
Shares
0.93 crore
0.93 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
99
98
97
96
95
94
growth %
(1.2)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
8
8
8
8
8
8
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
4
4
4
4
4
4
less capex
0
0
(1)
(1)
(2)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
7
6
5
5
4
Present value
7
5
4
3
3
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 · PASUPATI SPG.& WVG.MILLS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
22
PV of the terminal value (65% of EV)
42
Enterprise value
64
less net debt
(51)
less non-controlling interest
0
add non-operating investments
0
Equity value
13
÷ 0.93 crore shares
₹14
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
16
20
26
32
40
10.5%
11
15
19
24
31
11.0%
7
10
14
18
23
11.5%
3
6
9
13
17
12.0%
0
3
5
8
12
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
