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 · SEJAL GLASS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SEJAL GLASS LIMITED Discounted cash flow · base FY26
SEJAL GLASS LIMITED
Value per share, this model₹321
CMP, 9 Oct 2026₹675.00
Difference(52.4)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SEJAL GLASS 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 62.8% · 5-yr CAGR 108.7%
EBITDA margin
15.5%
FY26 15.5% · 5-yr average (15.7)%
Depreciation · capex, % of revenue
3.9% · 17.1%, fading to 1.2× depreciation
FY26 3.9% · 17.1%
Working capital, % of added revenue · tax
26.7% · 8.7%
97 working-capital days · effective 8.7%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹137 · ₹0 · ₹0 cr
FY26 net debt ₹137 cr
Shares
1.14 crore
1.14 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
397
515
670
871
1,132
1,472
growth %
62.8
30.0
30.0
30.0
30.0
30.0
EBITDA
61
80
104
135
176
228
Depreciation
(15)
(20)
(26)
(34)
(44)
(57)
NOPAT
42
55
71
92
120
156
less capex
(68)
(88)
(94)
(95)
(88)
(69)
less working-capital build
—
(32)
(41)
(54)
(70)
(91)
Free cash flow to firm
—
(45)
(38)
(22)
6
54
Present value
(43)
(32)
(17)
4
34
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 · SEJAL GLASS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(55)
PV of the terminal value (111% of EV)
558
Enterprise value
503
less net debt
(137)
less non-controlling interest
0
add non-operating investments
0
Equity value
366
÷ 1.14 crore shares
₹321
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
339
388
447
518
608
10.5%
290
330
378
436
506
11.0%
247
281
321
368
425
11.5%
211
240
273
312
359
12.0%
179
204
233
265
304
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
