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Model Note · SADBHAV INFRA PROJ LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SADBHAV INFRA PROJ LTD. Discounted cash flow · base FY26
SADBHAV INFRA PROJ LTD.
Value per share, this model₹49
CMP 2026-09-21₹2.51
Difference1861.5%
Growth the CMP implies(2.1)%/yr
This note states the assumptions and the arithmetic of one model of SADBHAV INFRA PROJ 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
10% a year
FY26 10.0% · 5-yr CAGR (9.6)%
EBITDA margin
52.8%
FY26 52.8% · 5-yr average 18.5%
Depreciation · capex, % of revenue
17.5% · 0%, fading to 1.2× depreciation
FY26 17.5% · 0.0%
Working capital, % of added revenue · tax
0.3% · 25.5%
1 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,541 · ₹0 · ₹0 cr
FY26 net debt ₹2,541 cr
Shares
35.22 crore
35.22 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
775
852
937
1,031
1,134
1,247
growth %
10.0
10.0
10.0
10.0
10.0
10.0
EBITDA
409
450
495
544
599
659
Depreciation
(136)
(149)
(164)
(180)
(198)
(218)
NOPAT
203
224
246
271
298
328
less capex
0
0
(49)
(108)
(179)
(262)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
373
361
343
318
284
Present value
354
309
264
221
178
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 · SADBHAV INFRA PROJ LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,325
PV of the terminal value (69% of EV)
2,950
Enterprise value
4,275
less net debt
(2,541)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,734
÷ 35.22 crore shares
₹49
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
53
61
71
84
99
10.5%
44
51
59
69
81
11.0%
37
42
49
57
67
11.5%
30
35
41
47
55
12.0%
24
29
33
39
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
