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Model Note · SIMPLEX CASTINGS LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIMPLEX CASTINGS LTD. Discounted cash flow · base FY21
SIMPLEX CASTINGS LTD.
Value per share, this model₹185
CMP 2026-09-21₹130.65
Difference41.6%
Growth the CMP implies(13.1)%/yr
This note states the assumptions and the arithmetic of one model of SIMPLEX CASTINGS LTD., built on its filed FY21 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
11% a year
FY21 11.0% · 5-yr CAGR —%
EBITDA margin
22.4%
FY21 22.4% · 5-yr average (10.5)%
Depreciation · capex, % of revenue
6.9% · 0%, fading to 1.2× depreciation
FY21 6.9% · 0.0%
Working capital, % of added revenue · tax
57.5% · -13%
210 working-capital days · effective (13.0)%
Discount rate
11.00%
1-yr beta —
After FY26
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹73 · ₹0 · ₹0 cr
FY21 net debt ₹73 cr
Shares
0.82 crore
0.82 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY21
FY22
FY23
FY24
FY25
FY26
Revenue
87
96
107
118
132
146
growth %
11.0
11.0
11.0
11.0
11.0
11.0
EBITDA
19
22
24
27
29
33
Depreciation
(6)
(7)
(7)
(8)
(9)
(10)
NOPAT
15
17
19
21
23
26
less capex
0
0
(2)
(5)
(8)
(12)
less working-capital build
—
(5)
(6)
(7)
(7)
(8)
Free cash flow to firm
—
18
18
17
16
15
Present value
17
15
13
11
10
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 · SIMPLEX CASTINGS LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
67
PV of the terminal value (70% of EV)
158
Enterprise value
225
less net debt
(73)
less non-controlling interest
0
add non-operating investments
0
Equity value
152
÷ 0.82 crore shares
₹185
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
194
213
236
264
299
10.5%
173
189
208
231
259
11.0%
156
169
185
204
226
11.5%
141
152
165
181
199
12.0%
128
137
149
162
177
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
