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Model Note · SHRINGAR HOU OF MANGALS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHRINGAR HOU OF MANGALS L Discounted cash flow · base FY26
SHRINGAR HOU OF MANGALS L
Value per share, this model₹124
CMP 2026-09-10₹217.00
Difference(42.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SHRINGAR HOU OF MANGALS L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
7.1%
FY26 7.1% · 5-yr average 7.1%
Depreciation · capex, % of revenue
0.2% · 0.4%, fading to 1.2× depreciation
FY26 0.2% · 0.4%
Working capital, % of added revenue · tax
29.6% · 24.1%
108 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 1.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹153 · ₹0 · ₹0 cr
FY26 net debt ₹153 cr
Shares
9.64 crore
9.64 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
2,246
2,425
2,620
2,829
3,055
3,300
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
159
172
186
201
217
234
Depreciation
(4)
(5)
(5)
(6)
(6)
(7)
NOPAT
118
127
137
148
160
173
less capex
(9)
(10)
(9)
(9)
(9)
(8)
less working-capital build
—
(53)
(57)
(62)
(67)
(72)
Free cash flow to firm
—
69
76
83
91
99
Present value
65
65
64
63
62
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 · SHRINGAR HOU OF MANGALS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
319
PV of the terminal value (76% of EV)
1,030
Enterprise value
1,348
less net debt
(153)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,195
÷ 9.64 crore shares
₹124
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
129
139
152
168
187
10.5%
117
126
137
149
165
11.0%
108
115
124
134
147
11.5%
100
106
113
122
132
12.0%
92
98
104
111
120
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
