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Model Note · S A B INDUSTRIES LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
S A B INDUSTRIES LTD. Discounted cash flow · base FY26
S A B INDUSTRIES LTD.
Value per share, this model₹49
CMP, 8 Oct 2026₹171.00
Difference(71.4)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of S A B INDUSTRIES 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
-5% a year
FY26 (35.4)% · 5-yr CAGR 89.4%
EBITDA margin
16%
FY26 16.0% · 5-yr average 11.7%
Depreciation · capex, % of revenue
1.9% · 12.6%, fading to 1.2× depreciation
FY26 1.9% · 12.6%
Working capital, % of added revenue · tax
491.6% · 21.7%
1794 working-capital days · effective 21.7%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹46 · ₹0 · ₹0 cr
FY26 net debt ₹46 cr
Shares
1.52 crore
1.52 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
30
29
27
26
25
23
growth %
(35.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
5
5
4
4
4
4
Depreciation
(1)
(1)
(1)
(0)
(0)
(0)
NOPAT
3
3
3
3
3
3
less capex
(4)
(4)
(3)
(2)
(1)
(1)
less working-capital build
—
7
7
7
6
6
Free cash flow to firm
—
8
8
8
8
9
Present value
7
7
6
6
5
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 A B INDUSTRIES LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
31
PV of the terminal value (74% of EV)
89
Enterprise value
120
less net debt
(46)
less non-controlling interest
0
add non-operating investments
0
Equity value
74
÷ 1.52 crore shares
₹49
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
51
57
64
73
84
10.5%
45
50
56
63
71
11.0%
40
44
49
55
61
11.5%
35
39
43
48
53
12.0%
32
34
38
42
46
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
