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Model Note · SAFARI IND (INDIA) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAFARI IND (INDIA) LTD Discounted cash flow · base FY26
SAFARI IND (INDIA) LTD
Value per share, this model₹481
CMP 2026-09-10₹1,542.00
Difference(68.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SAFARI IND (INDIA) 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
15.5% a year
FY26 15.5% · 5-yr CAGR 44.2%
EBITDA margin
13.2%
FY26 13.2% · 5-yr average 13.3%
Depreciation · capex, % of revenue
3.4% · 3.4%, fading to 1.2× depreciation
FY26 3.4% · 3.4%
Working capital, % of added revenue · tax
20.7% · 22.5%
75 working-capital days · effective 22.5%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(8) · ₹0 · ₹0 cr
FY26 net debt ₹(8) cr
Shares
4.90 crore
4.90 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
2,047
2,364
2,731
3,154
3,643
4,208
growth %
15.5
15.5
15.5
15.5
15.5
15.5
EBITDA
271
312
360
416
481
555
Depreciation
(71)
(80)
(93)
(107)
(124)
(143)
NOPAT
155
180
207
240
277
320
less capex
(70)
(80)
(97)
(118)
(142)
(172)
less working-capital build
—
(66)
(76)
(88)
(101)
(117)
Free cash flow to firm
—
114
127
141
157
174
Present value
108
109
109
109
109
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 · SAFARI IND (INDIA) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
543
PV of the terminal value (77% of EV)
1,808
Enterprise value
2,351
less net debt
8
less non-controlling interest
0
add non-operating investments
0
Equity value
2,359
÷ 4.90 crore shares
₹481
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
497
534
578
632
700
10.5%
459
489
525
569
622
11.0%
426
451
481
517
559
11.5%
397
419
444
474
509
12.0%
372
391
412
437
466
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
