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Model Note · SHIPPING CORP OF INDIA LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHIPPING CORP OF INDIA LT Discounted cash flow · base FY26
SHIPPING CORP OF INDIA LT
Value per share, this model₹231
CMP 2026-09-10₹280.95
Difference(17.7)%
Growth the CMP implies7.0%/yr
This note states the assumptions and the arithmetic of one model of SHIPPING CORP OF INDIA LT, 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
3% a year
FY26 3.1% · 5-yr CAGR 9.3%
EBITDA margin
37.8%
FY26 37.8% · 5-yr average 31.0%
Depreciation · capex, % of revenue
18.4% · 26.8%, fading to 1.2× depreciation
FY26 18.4% · 26.8%
Working capital, % of added revenue · tax
4.4% · 5%
16 working-capital days · effective 5.0%
Discount rate
11.00%
1-yr beta 1.27
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,362 · ₹0 · ₹0 cr
FY26 net debt ₹2,362 cr
Shares
46.58 crore
46.58 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
5,780
5,953
6,132
6,316
6,505
6,700
growth %
3.1
3.0
3.0
3.0
3.0
3.0
EBITDA
2,185
2,250
2,318
2,387
2,459
2,533
Depreciation
(1,064)
(1,095)
(1,128)
(1,162)
(1,197)
(1,233)
NOPAT
1,066
1,097
1,130
1,164
1,199
1,235
less capex
(1,550)
(1,595)
(1,571)
(1,544)
(1,513)
(1,479)
less working-capital build
—
(8)
(8)
(8)
(8)
(9)
Free cash flow to firm
—
589
680
774
874
980
Present value
560
581
597
607
613
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 · SHIPPING CORP OF INDIA LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,957
PV of the terminal value (77% of EV)
10,175
Enterprise value
13,131
less net debt
(2,362)
less non-controlling interest
0
add non-operating investments
0
Equity value
10,769
÷ 46.58 crore shares
₹231
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
241
262
289
320
360
10.5%
218
236
257
283
314
11.0%
198
213
231
252
277
11.5%
181
194
209
227
247
12.0%
166
178
190
205
222
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
