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Model Note · SHARDA MOTOR INDS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHARDA MOTOR INDS LTD Discounted cash flow · base FY26
SHARDA MOTOR INDS LTD
Value per share, this model₹1,495
CMP 2026-09-10₹945.00
Difference58.2%
Growth the CMP implies8.0%/yr
This note states the assumptions and the arithmetic of one model of SHARDA MOTOR INDS 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
19.5% a year
FY26 19.7% · 5-yr CAGR 14.4%
EBITDA margin
12.9%
FY26 12.9% · 5-yr average 12.0%
Depreciation · capex, % of revenue
1.9% · 2.7%, fading to 1.2× depreciation
FY26 1.9% · 2.7%
Working capital, % of added revenue · tax
0% · 25%
-14 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.37
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(92) · ₹0 · ₹0 cr
FY26 net debt ₹(92) cr
Shares
5.74 crore
5.74 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
3,397
4,059
4,851
5,797
6,927
8,278
growth %
19.7
19.5
19.5
19.5
19.5
19.5
EBITDA
437
524
626
748
894
1,068
Depreciation
(63)
(77)
(92)
(110)
(132)
(157)
NOPAT
280
335
400
478
571
683
less capex
(92)
(110)
(126)
(144)
(165)
(189)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
302
366
444
538
651
Present value
287
313
342
373
407
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 · SHARDA MOTOR INDS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,723
PV of the terminal value (80% of EV)
6,766
Enterprise value
8,489
less net debt
92
less non-controlling interest
0
add non-operating investments
0
Equity value
8,581
÷ 5.74 crore shares
₹1,495
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,545
1,662
1,803
1,975
2,191
10.5%
1,422
1,519
1,635
1,773
1,942
11.0%
1,317
1,399
1,495
1,608
1,744
11.5%
1,226
1,296
1,376
1,470
1,582
12.0%
1,146
1,206
1,275
1,354
1,447
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
