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Model Note · SAHANA SYSTEM LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAHANA SYSTEM LIMITED Discounted cash flow · base FY26
SAHANA SYSTEM LIMITED
Value per share, this model₹2,580
CMP, 8 Oct 2026₹870.00
Difference196.6%
Growth the CMP implies(4.9)%/yr
This note states the assumptions and the arithmetic of one model of SAHANA SYSTEM 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
30% a year
FY26 97.8% · 5-yr CAGR —%
EBITDA margin
30.1%
FY26 30.1% · 5-yr average 31.9%
Depreciation · capex, % of revenue
2% · 14.2%, fading to 1.2× depreciation
FY26 2.0% · 14.2%
Working capital, % of added revenue · tax
23.9% · 23.8%
87 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.88 crore
0.88 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
331
430
560
728
946
1,230
growth %
97.8
30.0
30.0
30.0
30.0
30.0
EBITDA
100
130
168
219
285
370
Depreciation
(7)
(9)
(11)
(15)
(19)
(25)
NOPAT
71
92
120
156
203
263
less capex
(47)
(61)
(63)
(60)
(51)
(30)
less working-capital build
—
(24)
(31)
(40)
(52)
(68)
Free cash flow to firm
—
16
37
70
119
191
Present value
15
32
54
82
119
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 · SAHANA SYSTEM LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
302
PV of the terminal value (87% of EV)
1,979
Enterprise value
2,281
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,280
÷ 0.88 crore shares
₹2,580
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,672
2,895
3,163
3,490
3,899
10.5%
2,440
2,626
2,845
3,108
3,429
11.0%
2,242
2,398
2,580
2,795
3,054
11.5%
2,071
2,203
2,357
2,536
2,747
12.0%
1,921
2,035
2,166
2,316
2,492
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
