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Model Note · SHIVALIK BIMETAL CON. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHIVALIK BIMETAL CON. LTD Discounted cash flow · base FY26
SHIVALIK BIMETAL CON. LTD
Value per share, this model₹217
CMP 2026-09-10₹1,088.00
Difference(80.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SHIVALIK BIMETAL CON. 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
12.5% a year
FY26 12.3% · 5-yr CAGR 22.9%
EBITDA margin
22.7%
FY26 22.7% · 5-yr average 22.0%
Depreciation · capex, % of revenue
2.4% · 6.1%, fading to 1.2× depreciation
FY26 2.4% · 6.1%
Working capital, % of added revenue · tax
44.3% · 25.1%
162 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹52 · ₹0 · ₹0 cr
FY26 net debt ₹52 cr
Shares
5.76 crore
5.76 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
571
642
722
813
914
1,029
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
130
146
164
185
208
234
Depreciation
(14)
(15)
(17)
(20)
(22)
(25)
NOPAT
87
98
110
124
139
156
less capex
(35)
(39)
(38)
(36)
(34)
(30)
less working-capital build
—
(32)
(36)
(40)
(45)
(51)
Free cash flow to firm
—
42
53
67
82
101
Present value
40
46
51
57
63
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 · SHIVALIK BIMETAL CON. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
257
PV of the terminal value (80% of EV)
1,047
Enterprise value
1,304
less net debt
(52)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,252
÷ 5.76 crore shares
₹217
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
225
243
265
292
325
10.5%
206
221
239
260
286
11.0%
190
203
217
235
256
11.5%
176
187
199
214
231
12.0%
164
173
184
196
210
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
