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Model Note · SI CAPITAL & FINANCIAL SERVICE · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SI CAPITAL & FINANCIAL SERVICE Discounted cash flow · base FY26
SI CAPITAL & FINANCIAL SERVICE
Value per share, this model₹105
CMP 2026-09-10₹13.50
Difference680.0%
Growth the CMP implies(18.6)%/yr
This note states the assumptions and the arithmetic of one model of SI CAPITAL & FINANCIAL SERVICE, 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
30% a year
FY26 45.1% · 5-yr CAGR 59.8%
EBITDA margin
32.1%
FY26 32.1% · 5-yr average 8.0%
Depreciation · capex, % of revenue
1.6% · 0%, fading to 1.2× depreciation
FY26 1.6% · 0.0%
Working capital, % of added revenue · tax
0% · 0%
0 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta -0.42
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.51 crore
0.51 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
5
6
8
11
14
growth %
45.1
30.0
30.0
30.0
30.0
30.0
EBITDA
1
2
2
3
3
4
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
1
1
2
2
3
4
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2
2
3
3
4
Present value
1
2
2
2
3
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 · SI CAPITAL & FINANCIAL SERVICE · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
10
PV of the terminal value (81% of EV)
43
Enterprise value
53
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
53
÷ 0.51 crore shares
₹105
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
109
117
128
140
156
10.5%
100
107
115
126
138
11.0%
92
98
105
114
123
11.5%
86
91
97
104
112
12.0%
80
84
89
95
102
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
