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Model Note · SIYARAM SILK MILLS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIYARAM SILK MILLS LTD Discounted cash flow · base FY26
SIYARAM SILK MILLS LTD
Value per share, this model₹217
CMP 2026-09-10₹533.00
Difference(59.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SIYARAM SILK MILLS 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
16% a year
FY26 15.8% · 5-yr CAGR 18.8%
EBITDA margin
12.9%
FY26 12.9% · 5-yr average 14.6%
Depreciation · capex, % of revenue
3.1% · 2.9%, fading to 1.2× depreciation
FY26 3.1% · 2.9%
Working capital, % of added revenue · tax
37.1% · 23.8%
135 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.44
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹314 · ₹0 · ₹0 cr
FY26 net debt ₹314 cr
Shares
4.54 crore
4.54 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
2,572
2,984
3,462
4,015
4,658
5,403
growth %
15.8
16.0
16.0
16.0
16.0
16.0
EBITDA
333
385
447
518
601
697
Depreciation
(79)
(93)
(107)
(124)
(144)
(167)
NOPAT
194
223
258
300
348
403
less capex
(75)
(87)
(107)
(133)
(164)
(201)
less working-capital build
—
(153)
(177)
(205)
(238)
(276)
Free cash flow to firm
—
76
81
86
90
93
Present value
72
69
66
63
58
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 · SIYARAM SILK MILLS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
329
PV of the terminal value (75% of EV)
971
Enterprise value
1,300
less net debt
(314)
less non-controlling interest
0
add non-operating investments
0
Equity value
986
÷ 4.54 crore shares
₹217
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
227
248
274
305
344
10.5%
204
222
243
268
299
11.0%
185
200
217
238
263
11.5%
168
181
196
213
233
12.0%
154
165
177
192
208
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
