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Model Note · RSWM LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
RSWM LIMITED Discounted cash flow · base FY26
RSWM LIMITED
Value per share, this model₹34
CMP 2026-09-10₹219.00
Difference(84.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of RSWM 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
-5% a year
FY26 (5.6)% · 5-yr CAGR 14.4%
EBITDA margin
6%
FY26 6.0% · 5-yr average 6.5%
Depreciation · capex, % of revenue
3.4% · 4%, fading to 1.2× depreciation
FY26 3.4% · 4.0%
Working capital, % of added revenue · tax
20.3% · -19.1%
74 working-capital days · effective (19.1)%
Discount rate
11.00%
1-yr beta 1.15
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,658 · ₹0 · ₹0 cr
FY26 net debt ₹1,658 cr
Shares
4.71 crore
4.71 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
4,554
4,326
4,110
3,905
3,709
3,524
growth %
(5.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
273
260
247
234
223
211
Depreciation
(154)
(147)
(140)
(133)
(126)
(120)
NOPAT
142
134
127
121
115
109
less capex
(183)
(173)
(165)
(158)
(151)
(144)
less working-capital build
—
46
44
42
40
38
Free cash flow to firm
—
154
146
138
130
123
Present value
146
125
106
90
77
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 · RSWM LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
544
PV of the terminal value (70% of EV)
1,275
Enterprise value
1,819
less net debt
(1,658)
less non-controlling interest
0
add non-operating investments
0
Equity value
161
÷ 4.71 crore shares
₹34
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
46
73
106
145
195
10.5%
18
40
67
99
137
11.0%
(7)
12
34
60
92
11.5%
(28)
(12)
7
28
54
12.0%
(46)
(33)
(17)
1
23
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
