S CHAND AND COMPANY LTD — valuation model

S CHAND AND COMPANY LTDSCHANDPrinting & Publication

₹190per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹190implied FY26 P/E 9.4× · EV/EBITDA 4.6×

Against CMP ₹140.89+35.1%close of 9 Oct 2026

Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs

Value after FY3171%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹151₹269

52-week rangetraded range, a fact not a value

₹128₹189

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	188
PV of terminal value	468
Enterprise value	656
less net debt	16
less non-controlling interest	0
add non-operating investments	0
Equity value	672
÷ 3.53 crore shares	₹190

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	196	210	225	245	269
10.50%	182	193	206	222	241
11.00%	170	180	190	203	218
11.50%	160	168	177	188	200
12.00%	151	158	165	174	185

The outlined cell is your model. Green figures sit above the CMP of ₹140.89; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	109 · 189 · 265
Draws below the CMP	22%
Rank correlation with ebitda margin	+0.87
Rank correlation with revenue growth	−0.41
Rank correlation with discount rate	−0.25

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	610	663	720	799	887	984	1,092	1,213	1,346
growth %	26.9	8.6	8.6	11.0	11.0	11.0	11.0	11.0	11.0
EBITDA	112	110	135	142	157	174	193	215	238
margin %	18.3	16.6	18.8	17.7	17.7	17.7	17.7	17.7	17.7
less depreciation	(46)	(46)	(42)	(45)	(50)	(55)	(61)	(68)	(75)
EBIT	66	64	93	97	107	119	132	147	163
less tax on EBIT				(25)	(28)	(31)	(35)	(39)	(43)
NOPAT				71	79	88	97	108	120
add depreciation	46	46	42	45	50	55	61	68	75
less capex	(16)	(18)	(25)	(36)	(40)	(50)	(61)	(75)	(90)
less working-capital build				—	(39)	(44)	(49)	(54)	(60)
Free cash flow to firm	65	104	75	—	49	49	49	47	45
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					47	42	38	33	28

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 88, dividends at 18.6% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	97	107	119	132	147	163
Interest at 18.1% on debt		(16)	(16)	(16)	(16)	(16)
Profit before tax		91	103	116	131	147
Profit after tax	76	67	76	86	96	108
Dividends	(14)	(13)	(14)	(16)	(18)	(20)
Balance sheet, year end
Cash	104	130	153	174	192	205
Working capital	358	398	442	490	544	604
Net block and other assets	932	923	917	917	924	939
Debt	88	88	88	88	88	88
Equity	1,051	1,106	1,167	1,237	1,315	1,404
Balance check	0	0	0	0	0	0
Cash flow
From operations		77	87	98	110	124
Investing (capex)		(40)	(50)	(61)	(75)	(90)
Financing (dividends)		(13)	(14)	(16)	(18)	(20)
Net change in cash		25	23	21	18	13
Free cash flow to equity		38	38	37	36	33

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	11%	17.7%	11.00%	5%	₹190	35.1%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.