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Model Note · SATHLOKHAR SYN E&C GLOB L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SATHLOKHAR SYN E&C GLOB L Discounted cash flow · base FY26
SATHLOKHAR SYN E&C GLOB L
Value per share, this model₹1,161
CMP 2026-09-10₹427.50
Difference171.6%
Growth the CMP implies(0.1)%/yr
This note states the assumptions and the arithmetic of one model of SATHLOKHAR SYN E&C GLOB 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 105.4% · 5-yr CAGR —%
EBITDA margin
13.9%
FY26 13.9% · 5-yr average 13.9%
Depreciation · capex, % of revenue
0.1% · 0.2%, fading to 1.2× depreciation
FY26 0.1% · 0.2%
Working capital, % of added revenue · tax
9.8% · 25.4%
36 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.37
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹86 · ₹0 · ₹0 cr
FY26 net debt ₹86 cr
Shares
2.60 crore
2.60 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
820
1,066
1,386
1,802
2,343
3,046
growth %
105.4
30.0
30.0
30.0
30.0
30.0
EBITDA
114
148
193
250
326
423
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
85
110
143
186
241
314
less capex
(1)
(2)
(2)
(3)
(3)
(4)
less working-capital build
—
(24)
(31)
(41)
(53)
(69)
Free cash flow to firm
—
85
110
144
187
244
Present value
80
94
111
130
153
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 · SATHLOKHAR SYN E&C GLOB L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
568
PV of the terminal value (82% of EV)
2,535
Enterprise value
3,102
less net debt
(86)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,016
÷ 2.60 crore shares
₹1,161
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,202
1,299
1,416
1,559
1,737
10.5%
1,101
1,181
1,277
1,391
1,531
11.0%
1,014
1,082
1,161
1,255
1,367
11.5%
939
997
1,063
1,141
1,233
12.0%
873
923
980
1,045
1,122
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
