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Model Note · SADHAV SHIPPING LIMITED · 28 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SADHAV SHIPPING LIMITED Discounted cash flow · base FY26
SADHAV SHIPPING LIMITED
Value per share, this model₹183
CMP, 27 Oct 2026₹110.10
Difference65.9%
Growth the CMP implies(1.4)%/yr
This note states the assumptions and the arithmetic of one model of SADHAV SHIPPING 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
25.4%
FY26 25.4% · 5-yr average 25.4%
Depreciation · capex, % of revenue
8.6% · 31.7%, fading to 1.2× depreciation
FY26 8.6% · 31.7%
Working capital, % of added revenue · tax
9.3% · -38%
34 working-capital days · effective (38.0)%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹61 · ₹0 · ₹0 cr
FY26 net debt ₹61 cr
Shares
1.61 crore
1.61 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
98
105
114
123
133
143
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
25
27
29
31
34
36
Depreciation
(8)
(9)
(10)
(11)
(11)
(12)
NOPAT
23
24
26
28
31
33
less capex
(31)
(33)
(30)
(26)
(21)
(15)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
(1)
5
12
20
30
Present value
(1)
5
10
14
19
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 · SADHAV SHIPPING LIMITED · 28 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
46
PV of the terminal value (87% of EV)
309
Enterprise value
356
less net debt
(61)
less non-controlling interest
0
add non-operating investments
0
Equity value
295
÷ 1.61 crore shares
₹183
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
191
210
233
261
296
10.5%
171
187
205
228
255
11.0%
154
167
183
201
223
11.5%
139
150
164
179
197
12.0%
126
136
147
160
175
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
