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Model Note · SARDA ENERGY & MIN LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SARDA ENERGY & MIN LTD Discounted cash flow · base FY26
SARDA ENERGY & MIN LTD
Value per share, this model₹785
CMP 2026-09-10₹523.50
Difference50.0%
Growth the CMP implies11.0%/yr
This note states the assumptions and the arithmetic of one model of SARDA ENERGY & MIN 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
22.5% a year
FY26 22.6% · 5-yr CAGR 20.9%
EBITDA margin
31.6%
FY26 31.6% · 5-yr average 27.7%
Depreciation · capex, % of revenue
6% · 5.9%, fading to 1.2× depreciation
FY26 6.0% · 5.9%
Working capital, % of added revenue · tax
15.8% · 26.6%
58 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 0.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,488 · ₹0 · ₹0 cr
FY26 net debt ₹2,488 cr
Shares
35.24 crore
35.24 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
5,690
6,971
8,539
10,461
12,814
15,697
growth %
22.6
22.5
22.5
22.5
22.5
22.5
EBITDA
1,798
2,203
2,698
3,306
4,049
4,960
Depreciation
(341)
(418)
(512)
(628)
(769)
(942)
NOPAT
1,069
1,310
1,605
1,966
2,408
2,950
less capex
(338)
(411)
(532)
(685)
(881)
(1,130)
less working-capital build
—
(202)
(248)
(304)
(372)
(456)
Free cash flow to firm
—
1,115
1,338
1,604
1,924
2,306
Present value
1,058
1,144
1,236
1,335
1,442
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 · SARDA ENERGY & MIN LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,214
PV of the terminal value (79% of EV)
23,945
Enterprise value
30,160
less net debt
(2,488)
less non-controlling interest
0
add non-operating investments
0
Equity value
27,672
÷ 35.24 crore shares
₹785
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
814
882
963
1,062
1,187
10.5%
743
800
866
946
1,043
11.0%
683
730
785
851
929
11.5%
630
670
717
771
835
12.0%
584
619
658
704
757
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
