SREELEATHERS LIMITED — valuation model

SREELEATHERS LIMITEDSREELConsumer Durables

₹261per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹261implied FY26 P/E 18.4× · EV/EBITDA 17.8×

Against CMP ₹284.00−8.1%close of 8 Oct 2026

Growth the CMP implies15.1%revenue, a year for 5 years, on your other inputs

Value after FY3177%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹202₹379

52-week rangetraded range, a fact not a value

₹165₹400

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	138
PV of terminal value	460
Enterprise value	598
less net debt	7
less non-controlling interest	0
add non-operating investments	0
Equity value	605
÷ 2.32 crore shares	₹261

77% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	270	289	313	342	379
10.50%	249	265	285	308	337
11.00%	231	245	261	280	303
11.50%	216	227	241	257	276
12.00%	202	212	224	237	253

The outlined cell is your model. Green figures sit above the CMP of ₹284.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	213 · 260 · 318
Draws below the CMP	71%
Rank correlation with revenue growth	+0.61
Rank correlation with discount rate	−0.59
Rank correlation with ebitda margin	+0.47

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	200	218	220	248	281	317	358	405	458
growth %	63.8	9.0	1.0	12.9	13.0	13.0	13.0	13.0	13.0
EBITDA	36	38	32	34	38	43	48	55	62
margin %	17.9	17.3	14.6	13.5	13.5	13.5	13.5	13.5	13.5
less depreciation	(1)	(1)	(1)	(1)	(1)	(2)	(2)	(2)	(2)
EBIT	34	36	31	32	36	41	47	53	59
less tax on EBIT				(8)	(9)	(10)	(12)	(13)	(15)
NOPAT				24	27	31	35	40	45
add depreciation	1	1	1	1	1	2	2	2	2
less capex	(1)	(1)	(3)	(0)	0	(0)	(1)	(2)	(3)
less working-capital build				—	0	0	0	0	0
Free cash flow to firm	28	29	25	—	29	32	36	40	44
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					27	27	28	28	28

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 0, dividends at 7% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	32	36	41	47	53	59
Interest at 8% on debt		0	0	0	0	0
Profit before tax		36	41	47	53	59
Profit after tax	29	27	31	35	40	45
Dividends	(2)	(2)	(2)	(2)	(3)	(3)
Balance sheet, year end
Cash	7	34	64	97	134	175
Working capital	(3)	(3)	(3)	(3)	(3)	(3)
Net block and other assets	524	523	522	521	521	521
Debt	0	0	0	0	0	0
Equity	498	523	552	585	621	663
Balance check	0	0	0	0	0	0
Cash flow
From operations		29	33	37	42	47
Investing (capex)		0	(0)	(1)	(2)	(3)
Financing (dividends)		(2)	(2)	(2)	(3)	(3)
Net change in cash		27	30	33	37	41
Free cash flow to equity		29	32	36	40	44

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	13%	13.5%	11.00%	5%	₹261	(8.1)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.