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Model Note · SPML INFRA LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SPML INFRA LIMITED Discounted cash flow · base FY26
SPML INFRA LIMITED
Value per share, this model₹117
CMP, 8 Oct 2026₹153.10
Difference(23.7)%
Growth the CMP implies17.9%/yr
This note states the assumptions and the arithmetic of one model of SPML INFRA 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
12.5% a year
FY26 12.7% · 5-yr CAGR 4.9%
EBITDA margin
7.6%
FY26 7.6% · 5-yr average 3.6%
Depreciation · capex, % of revenue
0.3% · 7.6%, fading to 1.2× depreciation
FY26 0.3% · 7.6%
Working capital, % of added revenue · tax
1.5% · 0%
6 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.57
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹283 · ₹0 · ₹0 cr
FY26 net debt ₹283 cr
Shares
8.85 crore
8.85 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
868
977
1,099
1,237
1,391
1,565
growth %
12.7
12.5
12.5
12.5
12.5
12.5
EBITDA
66
74
84
94
106
119
Depreciation
(2)
(3)
(3)
(4)
(4)
(5)
NOPAT
64
71
80
90
102
114
less capex
(66)
(74)
(64)
(49)
(30)
(6)
less working-capital build
—
(2)
(2)
(2)
(2)
(3)
Free cash flow to firm
—
(2)
18
43
73
111
Present value
(2)
15
33
51
69
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 · SPML INFRA LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
167
PV of the terminal value (87% of EV)
1,150
Enterprise value
1,316
less net debt
(283)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,033
÷ 8.85 crore shares
₹117
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
122
135
151
170
193
10.5%
109
119
132
147
166
11.0%
97
106
117
129
144
11.5%
87
95
104
114
126
12.0%
79
85
93
102
112
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
