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Model Note · SMARTWORKS COWORKING SP L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SMARTWORKS COWORKING SP L Discounted cash flow · base FY26
SMARTWORKS COWORKING SP L
Value per share, this model₹265
CMP 2026-09-10₹532.00
Difference(50.2)%
Growth the CMP implies30.8%/yr
This note states the assumptions and the arithmetic of one model of SMARTWORKS COWORKING SP L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
64.3%
FY26 64.3% · 5-yr average 64.3%
Depreciation · capex, % of revenue
46.2% · 21.6%, fading to 1.2× depreciation
FY26 46.2% · 21.6%
Working capital, % of added revenue · tax
0% · 24%
-31 working-capital days · effective 24.0%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹119 · ₹0 · ₹0 cr
FY26 net debt ₹119 cr
Shares
11.43 crore
11.43 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
1,796
1,939
2,095
2,262
2,443
2,639
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
1,155
1,247
1,347
1,455
1,571
1,697
Depreciation
(829)
(896)
(968)
(1,045)
(1,129)
(1,219)
NOPAT
248
267
288
311
336
363
less capex
(388)
(419)
(630)
(871)
(1,148)
(1,463)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
744
626
485
317
119
Present value
706
535
374
220
75
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 · SMARTWORKS COWORKING SP L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,910
PV of the terminal value (39% of EV)
1,238
Enterprise value
3,147
less net debt
(119)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,028
÷ 11.43 crore shares
₹265
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
272
282
295
311
331
10.5%
259
268
279
292
307
11.0%
249
256
265
275
288
11.5%
239
246
253
262
272
12.0%
231
237
243
250
259
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
