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 · SHAH ALLOYS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHAH ALLOYS LIMITED Discounted cash flow · base FY26
SHAH ALLOYS LIMITED
Value per share, this model₹603
CMP 2026-09-10₹92.60
Difference550.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of SHAH ALLOYS 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
-5% a year
FY26 (86.0)% · 5-yr CAGR (40.6)%
EBITDA margin
377.2%
FY26 377.2% · 5-yr average 76.5%
Depreciation · capex, % of revenue
17.6% · 1.6%, fading to 1.2× depreciation
FY26 17.6% · 1.6%
Working capital, % of added revenue · tax
51.4% · 18.7%
188 working-capital days · effective 18.7%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹62 · ₹0 · ₹0 cr
FY26 net debt ₹62 cr
Shares
1.98 crore
1.98 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
37
35
34
32
30
29
growth %
(86.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
141
134
127
121
115
109
Depreciation
(7)
(6)
(6)
(6)
(5)
(5)
NOPAT
109
104
98
93
89
84
less capex
(1)
(1)
(2)
(4)
(5)
(6)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
110
103
96
90
84
Present value
105
88
74
62
53
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 · SHAH ALLOYS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
382
PV of the terminal value (70% of EV)
873
Enterprise value
1,255
less net debt
(62)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,193
÷ 1.98 crore shares
₹603
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
622
666
719
783
864
10.5%
576
612
655
707
771
11.0%
536
567
603
645
696
11.5%
501
527
558
593
635
12.0%
471
494
519
549
583
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
