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Model Note · S. P. APPARELS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
S. P. APPARELS LIMITED Discounted cash flow · base FY26
S. P. APPARELS LIMITED
Value per share, this model₹441
CMP 2026-09-10₹1,026.90
Difference(57.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of S. P. APPARELS 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
13% a year
FY26 13.2% · 5-yr CAGR 19.3%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 14.5%
Depreciation · capex, % of revenue
3% · 6.8%, fading to 1.2× depreciation
FY26 3.0% · 6.8%
Working capital, % of added revenue · tax
27.6% · 27.2%
101 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹346 · ₹0 · ₹0 cr
FY26 net debt ₹346 cr
Shares
2.51 crore
2.51 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
1,579
1,784
2,016
2,278
2,574
2,909
growth %
13.2
13.0
13.0
13.0
13.0
13.0
EBITDA
218
246
278
314
355
401
Depreciation
(48)
(54)
(60)
(68)
(77)
(87)
NOPAT
124
140
158
179
202
229
less capex
(108)
(121)
(121)
(118)
(113)
(105)
less working-capital build
—
(57)
(64)
(72)
(82)
(92)
Free cash flow to firm
—
16
34
57
85
119
Present value
15
29
44
59
74
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 · S. P. APPARELS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
221
PV of the terminal value (85% of EV)
1,235
Enterprise value
1,455
less net debt
(346)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,109
÷ 2.51 crore shares
₹441
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
462
511
569
641
731
10.5%
411
451
499
557
628
11.0%
367
401
441
488
545
11.5%
329
359
392
431
478
12.0%
297
322
350
383
422
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
