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Model Note · SANDUR MANG & IRON ORES L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SANDUR MANG & IRON ORES L Discounted cash flow · base FY26
SANDUR MANG & IRON ORES L
Value per share, this model₹588
CMP 2026-09-10₹190.40
Difference208.9%
Growth the CMP implies(0.9)%/yr
This note states the assumptions and the arithmetic of one model of SANDUR MANG & IRON ORES L, 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 62.3% · 5-yr CAGR —%
EBITDA margin
23.1%
FY26 23.1% · 5-yr average 24.8%
Depreciation · capex, % of revenue
4.2% · 3%, fading to 1.2× depreciation
FY26 4.2% · 3.0%
Working capital, % of added revenue · tax
9% · 20.4%
33 working-capital days · effective 20.4%
Discount rate
11.00%
1-yr beta 1.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹942 · ₹0 · ₹0 cr
FY26 net debt ₹942 cr
Shares
48.61 crore
48.61 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
5,088
6,615
8,599
11,179
14,533
18,893
growth %
62.3
30.0
30.0
30.0
30.0
30.0
EBITDA
1,177
1,528
1,986
2,582
3,357
4,364
Depreciation
(212)
(278)
(361)
(470)
(610)
(794)
NOPAT
768
995
1,294
1,682
2,186
2,842
less capex
(155)
(198)
(302)
(449)
(658)
(952)
less working-capital build
—
(137)
(179)
(232)
(302)
(392)
Free cash flow to firm
—
937
1,174
1,470
1,837
2,291
Present value
890
1,004
1,132
1,275
1,433
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 · SANDUR MANG & IRON ORES L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,733
PV of the terminal value (81% of EV)
23,795
Enterprise value
29,529
less net debt
(942)
less non-controlling interest
0
add non-operating investments
0
Equity value
28,587
÷ 48.61 crore shares
₹588
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
609
658
716
788
877
10.5%
558
598
646
704
774
11.0%
514
548
588
635
692
11.5%
476
505
539
578
624
12.0%
443
468
497
530
568
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
