The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · SOLAR INDUSTRIES (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SOLAR INDUSTRIES (I) LTD Discounted cash flow · base FY26
SOLAR INDUSTRIES (I) LTD
Value per share, this model₹4,547
CMP 2026-09-10₹22,290.00
Difference(79.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SOLAR INDUSTRIES (I) 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 30.5% · 5-yr CAGR 31.4%
EBITDA margin
26.7%
FY26 26.7% · 5-yr average 22.6%
Depreciation · capex, % of revenue
2.6% · 17.7%, fading to 1.2× depreciation
FY26 2.6% · 17.7%
Working capital, % of added revenue · tax
30.2% · 26.6%
110 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹998 · ₹0 · ₹0 cr
FY26 net debt ₹998 cr
Shares
9.05 crore
9.05 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
9,838
12,789
16,626
21,614
28,098
36,527
growth %
30.5
30.0
30.0
30.0
30.0
30.0
EBITDA
2,622
3,415
4,439
5,771
7,502
9,753
Depreciation
(251)
(333)
(432)
(562)
(731)
(950)
NOPAT
1,740
2,262
2,941
3,823
4,970
6,461
less capex
(1,739)
(2,264)
(2,337)
(2,250)
(1,901)
(1,140)
less working-capital build
—
(891)
(1,159)
(1,506)
(1,958)
(2,546)
Free cash flow to firm
—
(560)
(122)
629
1,842
3,726
Present value
(532)
(104)
485
1,278
2,330
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 · SOLAR INDUSTRIES (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,456
PV of the terminal value (92% of EV)
38,694
Enterprise value
42,150
less net debt
(998)
less non-controlling interest
0
add non-operating investments
0
Equity value
41,152
÷ 9.05 crore shares
₹4,547
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,719
5,145
5,656
6,281
7,062
10.5%
4,278
4,632
5,050
5,552
6,166
11.0%
3,901
4,200
4,547
4,958
5,451
11.5%
3,576
3,830
4,123
4,464
4,868
12.0%
3,293
3,511
3,760
4,048
4,383
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
