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Model Note · SHETRON LTD. · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHETRON LTD. Discounted cash flow · base FY19
SHETRON LTD.
Value per share, this model₹9
CMP, 28 Oct 2026₹101.80
Difference(91.1)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SHETRON LTD., built on its filed FY19 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
8% a year
FY19 —% · 5-yr CAGR —%
EBITDA margin
11.6%
FY19 11.6% · 5-yr average 11.6%
Depreciation · capex, % of revenue
4.1% · 0%, fading to 1.2× depreciation
FY19 4.1% · 0.0%
Working capital, % of added revenue · tax
27% · 38.3%
99 working-capital days · effective 38.3%
Discount rate
11.00%
1-yr beta 0.65
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹72 · ₹0 · ₹0 cr
FY19 net debt ₹72 cr
Shares
0.90 crore
0.90 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
165
178
192
208
224
242
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
19
21
22
24
26
28
Depreciation
(7)
(7)
(8)
(9)
(9)
(10)
NOPAT
8
8
9
10
10
11
less capex
0
0
(2)
(5)
(8)
(12)
less working-capital build
—
(4)
(4)
(4)
(4)
(5)
Free cash flow to firm
—
12
11
9
7
4
Present value
11
9
7
5
3
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 · SHETRON LTD. · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
35
PV of the terminal value (57% of EV)
45
Enterprise value
80
less net debt
(72)
less non-controlling interest
0
add non-operating investments
0
Equity value
8
÷ 0.90 crore shares
₹9
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
12
17
23
30
39
10.5%
6
10
15
21
28
11.0%
1
5
9
14
20
11.5%
(3)
0
4
8
13
12.0%
(6)
(4)
(1)
3
7
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
