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Model Note · SIKA INTERPLANT SYSTEMS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIKA INTERPLANT SYSTEMS L Discounted cash flow · base FY26
SIKA INTERPLANT SYSTEMS L
Value per share, this model₹706
CMP 2026-09-10₹1,084.00
Difference(34.9)%
Growth the CMP implies42.8%/yr
This note states the assumptions and the arithmetic of one model of SIKA INTERPLANT SYSTEMS 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
30% a year
FY26 43.0% · 5-yr CAGR 21.5%
EBITDA margin
21.4%
FY26 21.4% · 5-yr average 19.5%
Depreciation · capex, % of revenue
0.5% · 0.2%, fading to 1.2× depreciation
FY26 0.5% · 0.2%
Working capital, % of added revenue · tax
2.6% · 25.2%
10 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.08
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
2.12 crore
2.12 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
211
275
357
464
603
784
growth %
43.0
30.0
30.0
30.0
30.0
30.0
EBITDA
45
59
76
99
129
168
Depreciation
(1)
(1)
(2)
(2)
(3)
(4)
NOPAT
33
43
56
73
94
123
less capex
(0)
(1)
(1)
(2)
(3)
(5)
less working-capital build
—
(2)
(2)
(3)
(4)
(5)
Free cash flow to firm
—
42
54
70
91
117
Present value
40
46
54
63
73
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 · SIKA INTERPLANT SYSTEMS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
277
PV of the terminal value (81% of EV)
1,216
Enterprise value
1,493
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
1,496
÷ 2.12 crore shares
₹706
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
730
787
856
939
1,044
10.5%
670
718
774
841
923
11.0%
619
659
706
761
827
11.5%
575
609
648
694
748
12.0%
536
565
599
637
682
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
