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Model Note · SEAMEC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SEAMEC LIMITED Discounted cash flow · base FY26
SEAMEC LIMITED
Value per share, this model₹1,966
CMP 2026-09-10₹1,796.00
Difference9.5%
Growth the CMP implies26.2%/yr
This note states the assumptions and the arithmetic of one model of SEAMEC 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
30% a year
FY26 46.1% · 5-yr CAGR 30.0%
EBITDA margin
42%
FY26 42.0% · 5-yr average 35.0%
Depreciation · capex, % of revenue
16.5% · 39.8%, fading to 1.2× depreciation
FY26 16.5% · 39.8%
Working capital, % of added revenue · tax
32.5% · 5.8%
119 working-capital days · effective 5.8%
Discount rate
11.00%
1-yr beta 0.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹251 · ₹0 · ₹0 cr
FY26 net debt ₹251 cr
Shares
2.54 crore
2.54 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
952
1,238
1,610
2,093
2,720
3,536
growth %
46.1
30.0
30.0
30.0
30.0
30.0
EBITDA
400
520
676
879
1,143
1,485
Depreciation
(157)
(204)
(266)
(345)
(449)
(584)
NOPAT
228
297
387
503
653
849
less capex
(379)
(493)
(560)
(624)
(675)
(700)
less working-capital build
—
(93)
(121)
(157)
(204)
(265)
Free cash flow to firm
—
(84)
(29)
67
224
468
Present value
(80)
(24)
52
155
292
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 · SEAMEC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
395
PV of the terminal value (92% of EV)
4,856
Enterprise value
5,251
less net debt
(251)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,000
÷ 2.54 crore shares
₹1,966
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,042
2,233
2,461
2,740
3,089
10.5%
1,846
2,004
2,191
2,415
2,689
11.0%
1,678
1,811
1,966
2,150
2,370
11.5%
1,533
1,646
1,777
1,929
2,110
12.0%
1,406
1,504
1,615
1,743
1,893
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
