The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · Sayaji Hotels (Pune) Limited · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Sayaji Hotels (Pune) Limited Discounted cash flow · base FY26
Sayaji Hotels (Pune) Limited
Value per share, this model₹1,146
CMP, 8 Oct 2026₹870.00
Difference31.7%
Growth the CMP implies(0.9)%/yr
This note states the assumptions and the arithmetic of one model of Sayaji Hotels (Pune) Limited, 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
6% a year
FY26 6.0% · 5-yr CAGR —%
EBITDA margin
34.5%
FY26 34.5% · 5-yr average 33.7%
Depreciation · capex, % of revenue
3% · 2.8%, fading to 1.2× depreciation
FY26 3.0% · 2.8%
Working capital, % of added revenue · tax
5.2% · 25.3%
19 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
0.30 crore
0.30 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
81
86
91
97
103
109
growth %
6.0
6.0
6.0
6.0
6.0
6.0
EBITDA
28
30
32
33
35
38
Depreciation
(2)
(3)
(3)
(3)
(3)
(3)
NOPAT
19
20
22
23
24
26
less capex
(2)
(2)
(3)
(3)
(3)
(4)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
20
21
22
23
25
Present value
19
18
17
16
15
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 · Sayaji Hotels (Pune) Limited · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
86
PV of the terminal value (75% of EV)
256
Enterprise value
342
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
349
÷ 0.30 crore shares
₹1,146
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,183
1,266
1,367
1,489
1,643
10.5%
1,094
1,164
1,246
1,345
1,465
11.0%
1,019
1,078
1,146
1,227
1,323
11.5%
954
1,003
1,061
1,128
1,207
12.0%
897
939
988
1,045
1,111
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
