This note states the assumptions and the arithmetic of one model of SAINIK FINANCE & INDUSTRIES LT, 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
1.5% a year
FY26 1.3% · 5-yr CAGR (4.1)%
EBITDA margin
87.9%
FY26 87.9% · 5-yr average 82.3%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
0% · 5.8%
0 working-capital days · effective 5.8%
Discount rate
11.00%
1-yr beta 0.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
1.09 crore
1.09 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
17
17
17
18
18
18
growth %
1.3
1.5
1.5
1.5
1.5
1.5
EBITDA
15
15
15
16
16
16
Depreciation
0
0
0
0
0
0
NOPAT
14
14
14
15
15
15
less capex
0
0
0
0
0
0
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
14
14
15
15
15
Present value
13
12
11
10
9
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 · SAINIK FINANCE & INDUSTRIES LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
57
PV of the terminal value (73% of EV)
156
Enterprise value
213
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
216
÷ 1.09 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
205
219
236
257
284
10.5%
190
202
216
233
253
11.0%
177
187
199
212
229
11.5%
166
174
184
196
209
12.0%
156
163
172
181
193
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
