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Model Note · SIGMA SOLVE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIGMA SOLVE LIMITED Discounted cash flow · base FY26
SIGMA SOLVE LIMITED
Value per share, this model₹66
CMP 2026-09-10₹44.01
Difference49.8%
Growth the CMP implies12.3%/yr
This note states the assumptions and the arithmetic of one model of SIGMA SOLVE 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
25.5% a year
FY26 25.5% · 5-yr CAGR —%
EBITDA margin
29.5%
FY26 29.5% · 5-yr average 32.9%
Depreciation · capex, % of revenue
0.9% · 0.2%, fading to 1.2× depreciation
FY26 0.9% · 0.2%
Working capital, % of added revenue · tax
19.9% · 24.3%
73 working-capital days · effective 24.3%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
10.28 crore
10.28 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
96
120
151
189
237
298
growth %
25.5
25.5
25.5
25.5
25.5
25.5
EBITDA
28
35
44
56
70
88
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
21
26
33
41
51
64
less capex
(0)
(0)
(1)
(1)
(2)
(3)
less working-capital build
—
(5)
(6)
(8)
(10)
(12)
Free cash flow to firm
—
22
27
34
42
52
Present value
21
23
26
29
32
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 · SIGMA SOLVE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
132
PV of the terminal value (80% of EV)
539
Enterprise value
670
less net debt
7
less non-controlling interest
0
add non-operating investments
0
Equity value
677
÷ 10.28 crore shares
₹66
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
68
73
80
87
97
10.5%
63
67
72
78
86
11.0%
58
62
66
71
77
11.5%
54
57
61
65
70
12.0%
50
53
56
60
64
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
