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Model Note · SHOPPERS STOP LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHOPPERS STOP LIMITED Discounted cash flow · base FY26
SHOPPERS STOP LIMITED
Value per share, this model₹157
CMP 2026-09-20₹394.35
Difference(60.2)%
Growth the CMP implies42.4%/yr
This note states the assumptions and the arithmetic of one model of SHOPPERS STOP 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
9% a year
FY26 9.0% · 5-yr CAGR 23.6%
EBITDA margin
14.4%
FY26 14.4% · 5-yr average 15.0%
Depreciation · capex, % of revenue
10.7% · 2.8%, fading to 1.2× depreciation
FY26 10.7% · 2.8%
Working capital, % of added revenue · tax
0% · 25.17%
-19 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹223 · ₹0 · ₹0 cr
FY26 net debt ₹223 cr
Shares
11.01 crore
11.01 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
5,043
5,497
5,992
6,531
7,119
7,760
growth %
9.0
9.0
9.0
9.0
9.0
9.0
EBITDA
725
792
863
940
1,025
1,117
Depreciation
(541)
(588)
(641)
(699)
(762)
(830)
NOPAT
138
152
166
181
197
215
less capex
(139)
(154)
(318)
(511)
(735)
(996)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
586
489
369
223
49
Present value
557
418
284
155
31
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 · SHOPPERS STOP LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,444
PV of the terminal value (26% of EV)
507
Enterprise value
1,951
less net debt
(223)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,728
÷ 11.01 crore shares
₹157
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
161
165
171
177
186
10.5%
155
159
163
169
175
11.0%
150
153
157
161
167
11.5%
146
148
152
155
160
12.0%
142
144
147
150
153
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
