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 · SHEELA FOAM LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHEELA FOAM LIMITED Discounted cash flow · base FY26
SHEELA FOAM LIMITED
Value per share, this model₹142
CMP 2026-09-10₹691.65
Difference(79.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SHEELA FOAM 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
11% a year
FY26 11.1% · 5-yr CAGR 9.4%
EBITDA margin
10.5%
FY26 10.5% · 5-yr average 10.1%
Depreciation · capex, % of revenue
4.7% · 3.4%, fading to 1.2× depreciation
FY26 4.7% · 3.4%
Working capital, % of added revenue · tax
9.9% · 23.3%
36 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹875 · ₹0 · ₹0 cr
FY26 net debt ₹875 cr
Shares
10.92 crore
10.92 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
3,821
4,241
4,708
5,225
5,800
6,438
growth %
11.1
11.0
11.0
11.0
11.0
11.0
EBITDA
401
445
494
549
609
676
Depreciation
(179)
(199)
(221)
(246)
(273)
(303)
NOPAT
171
189
209
232
258
286
less capex
(131)
(144)
(186)
(236)
(295)
(363)
less working-capital build
—
(42)
(46)
(51)
(57)
(63)
Free cash flow to firm
—
202
198
191
179
163
Present value
192
169
147
124
102
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 · SHEELA FOAM LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
734
PV of the terminal value (70% of EV)
1,690
Enterprise value
2,424
less net debt
(875)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,549
÷ 10.92 crore shares
₹142
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
149
164
183
205
234
10.5%
133
145
160
179
201
11.0%
118
129
142
157
175
11.5%
106
116
126
138
153
12.0%
96
104
113
123
135
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
