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Model Note · SPORTKING INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SPORTKING INDIA LIMITED Discounted cash flow · base FY26
SPORTKING INDIA LIMITED
Value per share, this model₹116
CMP 2026-09-10₹215.00
Difference(45.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SPORTKING INDIA 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
-1% a year
FY26 (1.1)% · 5-yr CAGR 13.8%
EBITDA margin
11.5%
FY26 11.5% · 5-yr average 13.9%
Depreciation · capex, % of revenue
3.8% · 1.4%, fading to 1.2× depreciation
FY26 3.8% · 1.4%
Working capital, % of added revenue · tax
29.1% · 25.6%
106 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹462 · ₹0 · ₹0 cr
FY26 net debt ₹462 cr
Shares
12.87 crore
12.87 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
2,496
2,471
2,446
2,422
2,398
2,374
growth %
(1.1)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
286
284
281
278
276
273
Depreciation
(94)
(94)
(93)
(92)
(91)
(90)
NOPAT
142
142
140
139
137
136
less capex
(34)
(35)
(54)
(72)
(90)
(108)
less working-capital build
—
7
7
7
7
7
Free cash flow to firm
—
208
187
166
145
125
Present value
198
160
128
101
78
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 · SPORTKING INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
664
PV of the terminal value (66% of EV)
1,297
Enterprise value
1,961
less net debt
(462)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,499
÷ 12.87 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
121
131
143
158
176
10.5%
110
119
129
140
155
11.0%
101
108
116
126
138
11.5%
93
99
106
114
124
12.0%
86
91
97
104
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
