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Model Note · SAHYADRI INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAHYADRI INDUSTRIES LTD Discounted cash flow · base FY26
SAHYADRI INDUSTRIES LTD
Value per share, this model₹115
CMP 2026-09-10₹391.50
Difference(70.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SAHYADRI 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
12% a year
FY26 12.1% · 5-yr CAGR 7.6%
EBITDA margin
8.9%
FY26 8.9% · 5-yr average 12.0%
Depreciation · capex, % of revenue
3.6% · 2.2%, fading to 1.2× depreciation
FY26 3.6% · 2.2%
Working capital, % of added revenue · tax
24.7% · 25.1%
90 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10 · ₹0 · ₹0 cr
FY26 net debt ₹10 cr
Shares
1.10 crore
1.10 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
679
760
851
954
1,068
1,196
growth %
12.1
12.0
12.0
12.0
12.0
12.0
EBITDA
60
68
76
85
95
106
Depreciation
(25)
(27)
(31)
(34)
(38)
(43)
NOPAT
27
30
34
38
42
47
less capex
(15)
(17)
(23)
(31)
(40)
(52)
less working-capital build
—
(20)
(23)
(25)
(28)
(32)
Free cash flow to firm
—
21
19
16
12
7
Present value
20
16
12
8
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 · SAHYADRI INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
61
PV of the terminal value (55% of EV)
75
Enterprise value
136
less net debt
(10)
less non-controlling interest
0
add non-operating investments
0
Equity value
126
÷ 1.10 crore shares
₹115
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
118
125
133
143
156
10.5%
111
116
123
131
141
11.0%
104
109
115
121
129
11.5%
99
103
108
113
120
12.0%
94
98
102
106
111
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
