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Model Note · SHILCHAR TECHNOLOGIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHILCHAR TECHNOLOGIES LTD Discounted cash flow · base FY26
SHILCHAR TECHNOLOGIES LTD
Value per share, this model₹1,709
CMP 2026-09-10₹4,135.50
Difference(58.7)%
Growth the CMP implies35.3%/yr
This note states the assumptions and the arithmetic of one model of SHILCHAR TECHNOLOGIES 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
4.5% a year
FY26 4.6% · 5-yr CAGR 40.8%
EBITDA margin
29.2%
FY26 29.2% · 5-yr average 23.4%
Depreciation · capex, % of revenue
0.6% · 22.7%, fading to 1.2× depreciation
FY26 0.6% · 22.7%
Working capital, % of added revenue · tax
26.8% · 25.4%
98 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(21) · ₹0 · ₹0 cr
FY26 net debt ₹(21) cr
Shares
1.14 crore
1.14 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
652
681
712
744
777
812
growth %
4.6
4.5
4.5
4.5
4.5
4.5
EBITDA
190
199
208
217
227
237
Depreciation
(4)
(4)
(4)
(4)
(5)
(5)
NOPAT
139
145
152
159
166
173
less capex
(148)
(155)
(122)
(87)
(48)
(6)
less working-capital build
—
(8)
(8)
(9)
(9)
(9)
Free cash flow to firm
—
(13)
25
67
113
163
Present value
(12)
22
52
79
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 · SHILCHAR TECHNOLOGIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
242
PV of the terminal value (87% of EV)
1,693
Enterprise value
1,935
less net debt
21
less non-controlling interest
0
add non-operating investments
0
Equity value
1,956
÷ 1.14 crore shares
₹1,709
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,770
1,918
2,095
2,311
2,581
10.5%
1,617
1,740
1,884
2,058
2,270
11.0%
1,486
1,589
1,709
1,852
2,022
11.5%
1,373
1,460
1,562
1,680
1,820
12.0%
1,274
1,349
1,436
1,535
1,651
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
