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Model Note · SIRCA PAINT INDIA LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIRCA PAINT INDIA LIMITED Discounted cash flow · base FY26
SIRCA PAINT INDIA LIMITED
Value per share, this model₹118
CMP, 9 Oct 2026₹403.00
Difference(70.7)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SIRCA PAINT 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
30% a year
FY26 31.7% · 5-yr CAGR —%
EBITDA margin
20.1%
FY26 20.1% · 5-yr average 20.8%
Depreciation · capex, % of revenue
2.2% · 5.6%, fading to 1.2× depreciation
FY26 2.2% · 5.6%
Working capital, % of added revenue · tax
43% · 25.3%
157 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.08
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(24) · ₹0 · ₹0 cr
FY26 net debt ₹(24) cr
Shares
5.68 crore
5.68 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
492
640
832
1,082
1,407
1,829
growth %
31.7
30.0
30.0
30.0
30.0
30.0
EBITDA
99
129
167
217
283
368
Depreciation
(11)
(14)
(18)
(24)
(31)
(40)
NOPAT
66
86
111
145
188
245
less capex
(28)
(36)
(40)
(45)
(48)
(48)
less working-capital build
—
(64)
(83)
(107)
(140)
(181)
Free cash flow to firm
—
0
7
17
32
55
Present value
0
6
13
22
34
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 · SIRCA PAINT INDIA LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
75
PV of the terminal value (88% of EV)
571
Enterprise value
646
less net debt
24
less non-controlling interest
0
add non-operating investments
0
Equity value
670
÷ 5.68 crore shares
₹118
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
122
132
144
159
177
10.5%
112
120
130
142
156
11.0%
103
110
118
128
139
11.5%
95
101
108
116
126
12.0%
88
94
99
106
114
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
