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Model Note · SANGHVI MOVERS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SANGHVI MOVERS LTD Discounted cash flow · base FY26
SANGHVI MOVERS LTD
Value per share, this model₹334
CMP 2026-09-10₹426.00
Difference(21.5)%
Growth the CMP implies43.6%/yr
This note states the assumptions and the arithmetic of one model of SANGHVI MOVERS 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 36.9% · 5-yr CAGR —%
EBITDA margin
36.6%
FY26 36.6% · 5-yr average 44.1%
Depreciation · capex, % of revenue
12.3% · 38.1%, fading to 1.2× depreciation
FY26 12.3% · 38.1%
Working capital, % of added revenue · tax
28% · 27.1%
102 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹637 · ₹0 · ₹0 cr
FY26 net debt ₹637 cr
Shares
8.66 crore
8.66 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
1,070
1,392
1,809
2,352
3,057
3,974
growth %
36.9
30.0
30.0
30.0
30.0
30.0
EBITDA
392
509
662
861
1,119
1,455
Depreciation
(132)
(171)
(223)
(289)
(376)
(489)
NOPAT
190
247
320
417
542
704
less capex
(408)
(530)
(584)
(622)
(630)
(587)
less working-capital build
—
(90)
(117)
(152)
(198)
(257)
Free cash flow to firm
—
(202)
(158)
(68)
90
349
Present value
(192)
(135)
(52)
63
219
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 · SANGHVI MOVERS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(98)
PV of the terminal value (103% of EV)
3,630
Enterprise value
3,532
less net debt
(637)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,895
÷ 8.66 crore shares
₹334
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
350
392
442
504
580
10.5%
308
342
383
433
493
11.0%
271
300
334
375
423
11.5%
240
264
293
327
366
12.0%
212
234
258
286
319
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
