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Model Note · SAMBHV STEEL TUBES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAMBHV STEEL TUBES LTD Discounted cash flow · base FY26
SAMBHV STEEL TUBES LTD
Value per share, this model₹173
CMP 2026-09-10₹131.80
Difference31.4%
Growth the CMP implies22.5%/yr
This note states the assumptions and the arithmetic of one model of SAMBHV STEEL TUBES 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
30% a year
FY26 59.7% · 5-yr CAGR —%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 10.8%
Depreciation · capex, % of revenue
2% · 11.9%, fading to 1.2× depreciation
FY26 2.0% · 11.9%
Working capital, % of added revenue · tax
4.6% · 25.3%
17 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.37
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹309 · ₹0 · ₹0 cr
FY26 net debt ₹309 cr
Shares
29.47 crore
29.47 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
2,413
3,137
4,078
5,302
6,892
8,960
growth %
59.7
30.0
30.0
30.0
30.0
30.0
EBITDA
273
355
461
599
779
1,013
Depreciation
(48)
(63)
(82)
(106)
(138)
(179)
NOPAT
168
218
283
368
479
622
less capex
(287)
(373)
(388)
(379)
(329)
(215)
less working-capital build
—
(33)
(43)
(56)
(73)
(95)
Free cash flow to firm
—
(126)
(67)
39
214
492
Present value
(120)
(57)
30
149
307
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 · SAMBHV STEEL TUBES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
309
PV of the terminal value (94% of EV)
5,105
Enterprise value
5,414
less net debt
(309)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,105
÷ 29.47 crore shares
₹173
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
180
197
218
243
275
10.5%
162
177
194
214
239
11.0%
147
159
173
190
210
11.5%
134
144
156
170
186
12.0%
123
131
141
153
167
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
