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Model Note · SOBHAGYA MERCHANTILE LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SOBHAGYA MERCHANTILE LTD. Discounted cash flow · base FY26
SOBHAGYA MERCHANTILE LTD.
Value per share, this model₹803
CMP 2026-09-10₹1,408.40
Difference(43.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SOBHAGYA MERCHANTILE 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
30% a year
FY26 47.8% · 5-yr CAGR 43.5%
EBITDA margin
14.2%
FY26 14.2% · 5-yr average 13.0%
Depreciation · capex, % of revenue
0.1% · 0.2%, fading to 1.2× depreciation
FY26 0.1% · 0.2%
Working capital, % of added revenue · tax
11.8% · 32.6%
43 working-capital days · effective 32.6%
Discount rate
11.00%
1-yr beta 0.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(41) · ₹0 · ₹0 cr
FY26 net debt ₹(41) cr
Shares
0.97 crore
0.97 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
233
302
393
511
664
863
growth %
47.8
30.0
30.0
30.0
30.0
30.0
EBITDA
33
43
56
73
94
123
Depreciation
(0)
(0)
(0)
(1)
(1)
(1)
NOPAT
22
29
37
49
63
82
less capex
(0)
(1)
(1)
(1)
(1)
(1)
less working-capital build
—
(8)
(11)
(14)
(18)
(24)
Free cash flow to firm
—
20
26
34
45
58
Present value
19
23
26
31
36
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 · SOBHAGYA MERCHANTILE LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
136
PV of the terminal value (82% of EV)
606
Enterprise value
742
less net debt
41
less non-controlling interest
0
add non-operating investments
0
Equity value
783
÷ 0.97 crore shares
₹803
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
829
891
965
1,056
1,170
10.5%
764
816
877
950
1,039
11.0%
709
752
803
863
934
11.5%
661
698
741
790
849
12.0%
619
651
687
729
778
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
