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Model Note · SKF INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SKF INDIA LTD Discounted cash flow · base FY26
SKF INDIA LTD
Value per share, this model₹494
CMP 2026-09-10₹1,527.50
Difference(67.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SKF INDIA 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
-5% a year
FY26 (23.5)% · 5-yr CAGR 7.1%
EBITDA margin
10.8%
FY26 10.8% · 5-yr average 14.8%
Depreciation · capex, % of revenue
2.1% · 6.1%, fading to 1.2× depreciation
FY26 2.1% · 6.1%
Working capital, % of added revenue · tax
13.1% · 38.6%
48 working-capital days · effective 38.6%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(292) · ₹0 · ₹0 cr
FY26 net debt ₹(292) cr
Shares
4.94 crore
4.94 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
3,763
3,575
3,396
3,227
3,065
2,912
growth %
(23.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
406
386
367
348
331
315
Depreciation
(78)
(75)
(71)
(68)
(64)
(61)
NOPAT
201
191
181
172
164
156
less capex
(229)
(218)
(177)
(139)
(105)
(73)
less working-capital build
—
25
23
22
21
20
Free cash flow to firm
—
73
99
123
145
163
Present value
69
85
95
100
102
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 · SKF INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
451
PV of the terminal value (79% of EV)
1,697
Enterprise value
2,148
less net debt
292
less non-controlling interest
0
add non-operating investments
0
Equity value
2,440
÷ 4.94 crore shares
₹494
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
508
543
584
634
696
10.5%
472
501
534
575
624
11.0%
442
466
494
527
566
11.5%
415
436
459
486
519
12.0%
392
410
430
453
480
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
