This note states the assumptions and the arithmetic of one model of SMITHS & FOUNDERS (INDIA) LIMI, 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
6% a year
FY26 5.8% · 5-yr CAGR 9.7%
EBITDA margin
14.9%
FY26 14.9% · 5-yr average 12.0%
Depreciation · capex, % of revenue
1.9% · 1.3%, fading to 1.2× depreciation
FY26 1.9% · 1.3%
Working capital, % of added revenue · tax
20.7% · 26.1%
76 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 0.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
10.20 crore
10.20 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
14
15
16
17
18
19
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
2
2
2
2
3
3
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
1
1
2
2
2
2
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
1
1
1
1
2
Present value
1
1
1
1
1
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 · SMITHS & FOUNDERS (INDIA) LIMI · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6
PV of the terminal value (74% of EV)
16
Enterprise value
21
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
22
÷ 10.20 crore shares
₹2
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2
2
3
3
3
10.5%
2
2
2
3
3
11.0%
2
2
2
2
2
11.5%
2
2
2
2
2
12.0%
2
2
2
2
2
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
