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Model Note · SHARE IND. SECURITIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHARE IND. SECURITIES LTD Discounted cash flow · base FY26
SHARE IND. SECURITIES LTD
Value per share, this model₹307
CMP 2026-09-10₹198.12
Difference55.0%
Growth the CMP implies(9.3)%/yr
This note states the assumptions and the arithmetic of one model of SHARE IND. SECURITIES 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
1.5% a year
FY26 1.5% · 5-yr CAGR 26.8%
EBITDA margin
38.8%
FY26 38.8% · 5-yr average 39.6%
Depreciation · capex, % of revenue
1.2% · 0.3%, fading to 1.2× depreciation
FY26 1.2% · 0.3%
Working capital, % of added revenue · tax
0% · 26.3%
0 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(523) · ₹0 · ₹0 cr
FY26 net debt ₹(523) cr
Shares
21.88 crore
21.88 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
1,470
1,492
1,515
1,537
1,560
1,584
growth %
1.5
1.5
1.5
1.5
1.5
1.5
EBITDA
570
579
588
597
605
615
Depreciation
(17)
(18)
(18)
(18)
(19)
(19)
NOPAT
408
414
420
426
432
439
less capex
(5)
(4)
(9)
(13)
(18)
(23)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
427
429
431
433
435
Present value
405
367
332
301
272
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 · SHARE IND. SECURITIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,677
PV of the terminal value (73% of EV)
4,519
Enterprise value
6,196
less net debt
523
less non-controlling interest
0
add non-operating investments
0
Equity value
6,719
÷ 21.88 crore shares
₹307
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
316
337
361
392
429
10.5%
294
312
332
356
386
11.0%
276
290
307
327
351
11.5%
260
272
286
303
322
12.0%
246
256
268
282
298
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
