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Model Note · SIMMONDS MARSHALL LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIMMONDS MARSHALL LTD. Discounted cash flow · base FY26
SIMMONDS MARSHALL LTD.
Value per share, this model₹295
CMP, 9 Oct 2026₹224.65
Difference31.2%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SIMMONDS MARSHALL LTD., 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
14.5% a year
FY26 14.7% · 5-yr CAGR 12.2%
EBITDA margin
13%
FY26 13.0% · 5-yr average 9.4%
Depreciation · capex, % of revenue
3% · 1.1%, fading to 1.2× depreciation
FY26 3.0% · 1.1%
Working capital, % of added revenue · tax
22.9% · 10.3%
84 working-capital days · effective 10.3%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹28 · ₹0 · ₹0 cr
FY26 net debt ₹28 cr
Shares
1.12 crore
1.12 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
238
273
312
357
409
469
growth %
14.7
14.5
14.5
14.5
14.5
14.5
EBITDA
31
35
41
46
53
61
Depreciation
(7)
(8)
(9)
(11)
(12)
(14)
NOPAT
21
24
28
32
37
42
less capex
(3)
(3)
(5)
(8)
(12)
(17)
less working-capital build
—
(8)
(9)
(10)
(12)
(14)
Free cash flow to firm
—
22
23
24
25
26
Present value
21
20
19
17
16
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 · SIMMONDS MARSHALL LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
92
PV of the terminal value (74% of EV)
266
Enterprise value
358
less net debt
(28)
less non-controlling interest
0
add non-operating investments
0
Equity value
330
÷ 1.12 crore shares
₹295
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
305
329
357
392
435
10.5%
280
300
323
351
385
11.0%
259
276
295
318
345
11.5%
240
255
271
290
312
12.0%
224
236
250
266
285
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
