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Model Note · SG MART LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SG MART LIMITED Discounted cash flow · base FY26
SG MART LIMITED
Value per share, this model₹110
CMP 2026-09-10₹750.80
Difference(85.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SG MART 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
8% a year
FY26 7.8% · 5-yr CAGR —%
EBITDA margin
2.2%
FY26 2.2% · 5-yr average 2.8%
Depreciation · capex, % of revenue
0.2% · 3.7%, fading to 1.2× depreciation
FY26 0.2% · 3.7%
Working capital, % of added revenue · tax
2.9% · 22.4%
11 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(288) · ₹0 · ₹0 cr
FY26 net debt ₹(288) cr
Shares
12.60 crore
12.60 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
6,315
6,821
7,366
7,955
8,592
9,279
growth %
7.8
8.0
8.0
8.0
8.0
8.0
EBITDA
137
150
162
175
189
204
Depreciation
(12)
(14)
(15)
(16)
(17)
(19)
NOPAT
97
106
114
123
133
144
less capex
(232)
(252)
(209)
(157)
(95)
(22)
less working-capital build
—
(15)
(16)
(17)
(18)
(20)
Free cash flow to firm
—
(148)
(96)
(34)
37
120
Present value
(140)
(82)
(27)
26
75
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 · SG MART LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(147)
PV of the terminal value (113% of EV)
1,250
Enterprise value
1,103
less net debt
288
less non-controlling interest
0
add non-operating investments
0
Equity value
1,391
÷ 12.60 crore shares
₹110
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
114
124
136
150
168
10.5%
104
112
122
134
148
11.0%
95
102
110
120
131
11.5%
88
94
101
109
118
12.0%
82
87
92
99
107
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
