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Model Note · SHAKTI PUMPS (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHAKTI PUMPS (I) LTD Discounted cash flow · base FY26
SHAKTI PUMPS (I) LTD
Value per share, this model₹293
CMP 2026-09-10₹493.15
Difference(40.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SHAKTI PUMPS (I) LTD, 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
7% a year
FY26 7.2% · 5-yr CAGR 23.7%
EBITDA margin
15.6%
FY26 15.6% · 5-yr average 14.4%
Depreciation · capex, % of revenue
1% · 6%, fading to 1.2× depreciation
FY26 1.0% · 6.0%
Working capital, % of added revenue · tax
40% · 28.3%
146 working-capital days · effective 28.3%
Discount rate
11.00%
1-yr beta 1.29
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹48 · ₹0 · ₹0 cr
FY26 net debt ₹48 cr
Shares
12.34 crore
12.34 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
2,698
2,886
3,088
3,305
3,536
3,784
growth %
7.2
7.0
7.0
7.0
7.0
7.0
EBITDA
422
450
482
516
552
590
Depreciation
(28)
(29)
(31)
(33)
(35)
(38)
NOPAT
282
302
323
346
370
396
less capex
(163)
(173)
(148)
(119)
(85)
(45)
less working-capital build
—
(76)
(81)
(86)
(93)
(99)
Free cash flow to firm
—
82
125
174
228
289
Present value
78
107
134
158
181
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 · SHAKTI PUMPS (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
658
PV of the terminal value (82% of EV)
3,006
Enterprise value
3,665
less net debt
(48)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,617
÷ 12.34 crore shares
₹293
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
303
328
357
392
437
10.5%
278
298
322
351
386
11.0%
256
273
293
316
345
11.5%
238
252
269
288
311
12.0%
221
234
248
264
283
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
