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Model Note · SHYAM METALICS AND ENGY L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHYAM METALICS AND ENGY L Discounted cash flow · base FY26
SHYAM METALICS AND ENGY L
Value per share, this model₹780
CMP 2026-09-10₹1,076.90
Difference(27.6)%
Growth the CMP implies31.3%/yr
This note states the assumptions and the arithmetic of one model of SHYAM METALICS AND ENGY 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
22.5% a year
FY26 22.6% · 5-yr CAGR 24.1%
EBITDA margin
12.6%
FY26 12.6% · 5-yr average 14.7%
Depreciation · capex, % of revenue
4.8% · 14.2%, fading to 1.2× depreciation
FY26 4.8% · 14.2%
Working capital, % of added revenue · tax
2.9% · 27.5%
11 working-capital days · effective 27.5%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹884 · ₹0 · ₹0 cr
FY26 net debt ₹884 cr
Shares
27.84 crore
27.84 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
18,552
22,726
27,840
34,104
41,777
51,177
growth %
22.6
22.5
22.5
22.5
22.5
22.5
EBITDA
2,333
2,864
3,508
4,297
5,264
6,448
Depreciation
(882)
(1,091)
(1,336)
(1,637)
(2,005)
(2,457)
NOPAT
1,052
1,285
1,574
1,929
2,363
2,894
less capex
(2,637)
(3,227)
(3,366)
(3,404)
(3,288)
(2,948)
less working-capital build
—
(121)
(148)
(182)
(223)
(273)
Free cash flow to firm
—
(972)
(603)
(20)
857
2,130
Present value
(923)
(516)
(15)
595
1,332
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 · SHYAM METALICS AND ENGY L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
473
PV of the terminal value (98% of EV)
22,123
Enterprise value
22,596
less net debt
(884)
less non-controlling interest
0
add non-operating investments
0
Equity value
21,712
÷ 27.84 crore shares
₹780
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
811
890
985
1,101
1,247
10.5%
730
795
873
966
1,080
11.0%
660
715
780
856
948
11.5%
600
647
701
765
840
12.0%
548
588
634
688
750
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
