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Model Note · SREELEATHERS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SREELEATHERS LIMITED Discounted cash flow · base FY26
SREELEATHERS LIMITED
Value per share, this model₹261
CMP, 8 Oct 2026₹284.00
Difference(8.1)%
Growth the CMP implies15.1%/yr
This note states the assumptions and the arithmetic of one model of SREELEATHERS LIMITED, built on its filed FY26 standalone 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
13% a year
FY26 12.9% · 5-yr CAGR 24.4%
EBITDA margin
13.5%
FY26 13.5% · 5-yr average 16.5%
Depreciation · capex, % of revenue
0.5% · 0%, fading to 1.2× depreciation
FY26 0.5% · 0.0%
Working capital, % of added revenue · tax
0% · 24.8%
-4 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7) · ₹0 · ₹0 cr
FY26 net debt ₹(7) cr
Shares
2.32 crore
2.32 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
248
281
317
358
405
458
growth %
12.9
13.0
13.0
13.0
13.0
13.0
EBITDA
34
38
43
48
55
62
Depreciation
(1)
(1)
(2)
(2)
(2)
(2)
NOPAT
24
27
31
35
40
45
less capex
(0)
0
(0)
(1)
(2)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
29
32
36
40
44
Present value
27
27
28
28
28
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 · SREELEATHERS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
138
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
270
289
313
342
379
10.5%
249
265
285
308
337
11.0%
231
245
261
280
303
11.5%
216
227
241
257
276
12.0%
202
212
224
237
253
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
