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Model Note · SPR AUTO TECHNOLOGIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SPR AUTO TECHNOLOGIES LTD Discounted cash flow · base FY26
SPR AUTO TECHNOLOGIES LTD
Value per share, this model₹2,659
CMP 2026-09-10₹4,361.10
Difference(39.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SPR AUTO 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
25.5% a year
FY26 25.6% · 5-yr CAGR —%
EBITDA margin
19%
FY26 19.0% · 5-yr average 19.5%
Depreciation · capex, % of revenue
3.3% · 4.1%, fading to 1.2× depreciation
FY26 3.3% · 4.1%
Working capital, % of added revenue · tax
17.4% · 25.2%
63 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.25
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,762 · ₹0 · ₹0 cr
FY26 net debt ₹1,762 cr
Shares
4.40 crore
4.40 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
4,459
5,596
7,023
8,813
11,061
13,881
growth %
25.6
25.5
25.5
25.5
25.5
25.5
EBITDA
849
1,063
1,334
1,675
2,102
2,637
Depreciation
(149)
(185)
(232)
(291)
(365)
(458)
NOPAT
524
657
825
1,035
1,299
1,630
less capex
(185)
(229)
(285)
(355)
(442)
(550)
less working-capital build
—
(198)
(248)
(312)
(391)
(491)
Free cash flow to firm
—
415
523
659
831
1,048
Present value
393
447
508
577
655
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 · SPR AUTO TECHNOLOGIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,580
PV of the terminal value (81% of EV)
10,882
Enterprise value
13,462
less net debt
(1,762)
less non-controlling interest
0
add non-operating investments
0
Equity value
11,700
÷ 4.40 crore shares
₹2,659
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,764
3,010
3,306
3,667
4,119
10.5%
2,506
2,711
2,953
3,243
3,598
11.0%
2,285
2,458
2,659
2,897
3,182
11.5%
2,095
2,242
2,411
2,608
2,842
12.0%
1,928
2,054
2,198
2,365
2,559
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
