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Model Note · SKIPPER LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SKIPPER LIMITED Discounted cash flow · base FY26
SKIPPER LIMITED
Value per share, this model₹446
CMP 2026-09-21₹563.70
Difference(20.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SKIPPER 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
20% a year
FY26 20.1% · 5-yr CAGR 28.6%
EBITDA margin
10.1%
FY26 10.1% · 5-yr average 9.8%
Depreciation · capex, % of revenue
1.4% · 6.6%, fading to 1.2× depreciation
FY26 1.4% · 6.6%
Working capital, % of added revenue · tax
15% · 24.8%
55 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 1.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹919 · ₹0 · ₹0 cr
FY26 net debt ₹919 cr
Shares
11.29 crore
11.29 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
5,553
6,663
7,996
9,595
11,514
13,817
growth %
20.1
20.0
20.0
20.0
20.0
20.0
EBITDA
562
673
808
969
1,163
1,396
Depreciation
(80)
(93)
(112)
(134)
(161)
(193)
NOPAT
363
436
523
628
753
904
less capex
(366)
(440)
(429)
(397)
(335)
(232)
less working-capital build
—
(167)
(200)
(240)
(288)
(345)
Free cash flow to firm
—
(77)
6
125
292
520
Present value
(73)
5
96
202
325
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 · SKIPPER LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
555
PV of the terminal value (91% of EV)
5,399
Enterprise value
5,954
less net debt
(919)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,035
÷ 11.29 crore shares
₹446
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
465
513
570
640
727
10.5%
416
456
502
558
627
11.0%
374
407
446
492
547
11.5%
337
366
398
437
482
12.0%
306
330
358
390
428
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
