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Model Note · SIGNPOST INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIGNPOST INDIA LIMITED Discounted cash flow · base FY26
SIGNPOST INDIA LIMITED
Value per share, this model₹233
CMP 2026-09-10₹279.00
Difference(16.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SIGNPOST INDIA 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
27% a year
FY26 27.1% · 5-yr CAGR —%
EBITDA margin
25.5%
FY26 25.5% · 5-yr average 22.1%
Depreciation · capex, % of revenue
7% · 9.7%, fading to 1.2× depreciation
FY26 7.0% · 9.7%
Working capital, % of added revenue · tax
29.8% · 26.1%
109 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 0.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹176 · ₹0 · ₹0 cr
FY26 net debt ₹176 cr
Shares
5.35 crore
5.35 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
576
731
929
1,180
1,498
1,903
growth %
27.1
27.0
27.0
27.0
27.0
27.0
EBITDA
147
187
237
301
382
485
Depreciation
(40)
(51)
(65)
(83)
(105)
(133)
NOPAT
78
100
127
161
205
260
less capex
(56)
(71)
(87)
(107)
(131)
(160)
less working-capital build
—
(46)
(59)
(75)
(95)
(121)
Free cash flow to firm
—
34
46
62
84
113
Present value
32
39
48
58
71
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 · SIGNPOST INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
249
PV of the terminal value (83% of EV)
1,173
Enterprise value
1,422
less net debt
(176)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,246
÷ 5.35 crore shares
₹233
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
242
264
290
322
363
10.5%
219
238
259
285
316
11.0%
200
215
233
254
279
11.5%
183
196
211
229
249
12.0%
168
179
192
207
224
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
