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Model Note · SMC GLOBAL SECURITIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SMC GLOBAL SECURITIES LTD Discounted cash flow · base FY26
SMC GLOBAL SECURITIES LTD
Value per share, this model₹233
CMP 2026-09-10₹86.40
Difference169.1%
Growth the CMP implies(17.4)%/yr
This note states the assumptions and the arithmetic of one model of SMC GLOBAL SECURITIES 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
5.5% a year
FY26 5.7% · 5-yr CAGR 16.0%
EBITDA margin
20.1%
FY26 20.1% · 5-yr average 23.5%
Depreciation · capex, % of revenue
1.5% · 2.4%, fading to 1.2× depreciation
FY26 1.5% · 2.4%
Working capital, % of added revenue · tax
0.2% · 23.3%
1 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 1.5
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(153) · ₹0 · ₹0 cr
FY26 net debt ₹(153) cr
Shares
20.94 crore
20.94 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
1,877
1,980
2,089
2,204
2,325
2,453
growth %
5.7
5.5
5.5
5.5
5.5
5.5
EBITDA
376
398
420
443
467
493
Depreciation
(28)
(30)
(31)
(33)
(35)
(37)
NOPAT
267
282
298
314
332
350
less capex
(45)
(48)
(47)
(46)
(45)
(44)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
264
282
301
321
342
Present value
251
241
232
223
214
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 · SMC GLOBAL SECURITIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,161
PV of the terminal value (75% of EV)
3,555
Enterprise value
4,716
less net debt
153
less non-controlling interest
0
add non-operating investments
0
Equity value
4,869
÷ 20.94 crore shares
₹233
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
240
257
277
302
333
10.5%
222
236
253
273
297
11.0%
207
219
233
249
268
11.5%
194
204
215
229
245
12.0%
182
191
201
212
225
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
