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Model Note · SOMANY CERAMICS LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SOMANY CERAMICS LIMITED Discounted cash flow · base FY26
SOMANY CERAMICS LIMITED
Value per share, this model₹281
CMP 2026-09-21₹594.90
Difference(52.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SOMANY CERAMICS LIMITED, 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% a year
FY26 4.9% · 5-yr CAGR 11.1%
EBITDA margin
9.1%
FY26 9.1% · 5-yr average 8.9%
Depreciation · capex, % of revenue
3.9% · 2%, fading to 1.2× depreciation
FY26 3.9% · 2.0%
Working capital, % of added revenue · tax
11.5% · 31.8%
42 working-capital days · effective 31.8%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹123 · ₹0 · ₹0 cr
FY26 net debt ₹123 cr
Shares
4.10 crore
4.10 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
2,790
2,929
3,076
3,230
3,391
3,561
growth %
4.9
5.0
5.0
5.0
5.0
5.0
EBITDA
253
267
280
294
309
324
Depreciation
(107)
(114)
(120)
(126)
(132)
(139)
NOPAT
99
104
109
115
120
126
less capex
(56)
(59)
(82)
(108)
(136)
(167)
less working-capital build
—
(16)
(17)
(18)
(19)
(19)
Free cash flow to firm
—
144
130
115
98
79
Present value
136
111
89
68
49
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 · SOMANY CERAMICS LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
453
PV of the terminal value (64% of EV)
820
Enterprise value
1,274
less net debt
(123)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,151
÷ 4.10 crore shares
₹281
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
290
310
334
363
400
10.5%
269
285
305
328
357
11.0%
250
264
281
300
323
11.5%
235
246
260
276
295
12.0%
221
231
243
256
272
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
