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Model Note · SP CAPITAL FINANCING LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SP CAPITAL FINANCING LTD. Discounted cash flow · base FY26
SP CAPITAL FINANCING LTD.
Value per share, this model₹481
CMP, 9 Oct 2026₹51.54
Difference833.4%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SP CAPITAL FINANCING 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 91.8% · 5-yr CAGR 83.8%
EBITDA margin
89.2%
FY26 89.2% · 5-yr average 69.3%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
0% · 35%
0 working-capital days · effective 35.0%
Discount rate
11.00%
1-yr beta 1.25
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
0.60 crore
0.60 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
11
14
18
23
30
39
growth %
91.8
30.0
30.0
30.0
30.0
30.0
EBITDA
9
12
16
21
27
35
Depreciation
0
0
0
0
0
0
NOPAT
6
8
10
13
17
23
less capex
0
0
0
0
0
0
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
8
10
13
17
23
Present value
8
9
10
12
14
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 · SP CAPITAL FINANCING LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
53
PV of the terminal value (82% of EV)
235
Enterprise value
288
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
289
÷ 0.60 crore shares
₹481
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
498
537
583
641
712
10.5%
457
489
528
573
630
11.0%
422
449
481
519
564
11.5%
392
415
442
473
510
12.0%
366
385
408
435
465
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
