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Model Note · SICAL LOGISTICS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SICAL LOGISTICS LIMITED Discounted cash flow · base FY26
SICAL LOGISTICS LIMITED
Value per share, this model₹302
CMP 2026-09-10₹98.97
Difference205.6%
Growth the CMP implies6.8%/yr
This note states the assumptions and the arithmetic of one model of SICAL LOGISTICS 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
30% a year
FY26 73.9% · 5-yr CAGR (5.2)%
EBITDA margin
34.7%
FY26 34.7% · 5-yr average (34.5)%
Depreciation · capex, % of revenue
10.8% · 26.8%, fading to 1.2× depreciation
FY26 10.8% · 26.8%
Working capital, % of added revenue · tax
8.2% · 13.9%
30 working-capital days · effective 13.9%
Discount rate
11.00%
1-yr beta 0.32
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹402 · ₹0 · ₹0 cr
FY26 net debt ₹402 cr
Shares
7.98 crore
7.98 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
386
501
652
847
1,102
1,432
growth %
73.9
30.0
30.0
30.0
30.0
30.0
EBITDA
134
174
226
294
382
497
Depreciation
(42)
(54)
(70)
(92)
(119)
(155)
NOPAT
79
103
134
174
227
295
less capex
(103)
(134)
(152)
(168)
(181)
(186)
less working-capital build
—
(9)
(12)
(16)
(21)
(27)
Free cash flow to firm
—
13
40
81
144
237
Present value
13
34
63
100
148
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 · SICAL LOGISTICS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
358
PV of the terminal value (87% of EV)
2,458
Enterprise value
2,815
less net debt
(402)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,413
÷ 7.98 crore shares
₹302
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
315
346
383
428
484
10.5%
283
309
339
375
419
11.0%
256
277
302
332
368
11.5%
232
251
272
296
325
12.0%
212
228
246
266
290
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
