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Model Note · S&S POWER SWITCHGEARS LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
S&S POWER SWITCHGEARS LTD Discounted cash flow · base FY26
S&S POWER SWITCHGEARS LTD
Value per share, this model₹199
CMP, 8 Oct 2026₹270.00
Difference(26.1)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of S&S POWER SWITCHGEARS 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
30% a year
FY26 42.2% · 5-yr CAGR 14.9%
EBITDA margin
3.7%
FY26 3.7% · 5-yr average 1.7%
Depreciation · capex, % of revenue
0.9% · 1.1%, fading to 1.2× depreciation
FY26 0.9% · 1.1%
Working capital, % of added revenue · tax
11.9% · -80.3%
43 working-capital days · effective (80.3)%
Discount rate
11.00%
1-yr beta 0.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18 · ₹0 · ₹0 cr
FY26 net debt ₹18 cr
Shares
1.23 crore
1.23 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
264
343
446
579
753
979
growth %
42.2
30.0
30.0
30.0
30.0
30.0
EBITDA
10
13
16
21
28
36
Depreciation
(2)
(3)
(4)
(5)
(7)
(9)
NOPAT
13
17
23
29
38
49
less capex
(3)
(4)
(5)
(6)
(8)
(11)
less working-capital build
—
(9)
(12)
(16)
(21)
(27)
Free cash flow to firm
—
7
9
12
16
21
Present value
7
8
9
11
13
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&S POWER SWITCHGEARS LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
48
PV of the terminal value (82% of EV)
216
Enterprise value
264
less net debt
(18)
less non-controlling interest
0
add non-operating investments
0
Equity value
246
÷ 1.23 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
207
224
245
271
303
10.5%
189
203
220
241
266
11.0%
173
185
199
216
236
11.5%
160
170
182
196
212
12.0%
148
157
167
179
192
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
