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Model Note · SRF LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SRF LTD Discounted cash flow · base FY26
SRF LTD
Value per share, this model₹856
CMP 2026-09-10₹2,482.40
Difference(65.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SRF 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
7.5% a year
FY26 7.4% · 5-yr CAGR 13.4%
EBITDA margin
21.1%
FY26 21.1% · 5-yr average 21.7%
Depreciation · capex, % of revenue
5.4% · 11.5%, fading to 1.2× depreciation
FY26 5.4% · 11.5%
Working capital, % of added revenue · tax
17.5% · 20.3%
64 working-capital days · effective 20.3%
Discount rate
11.00%
1-yr beta 1.14
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,414 · ₹0 · ₹0 cr
FY26 net debt ₹4,414 cr
Shares
29.64 crore
29.64 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
15,787
16,970
18,243
19,612
21,082
22,664
growth %
7.4
7.5
7.5
7.5
7.5
7.5
EBITDA
3,325
3,581
3,849
4,138
4,448
4,782
Depreciation
(852)
(916)
(985)
(1,059)
(1,138)
(1,224)
NOPAT
1,971
2,124
2,283
2,454
2,638
2,836
less capex
(1,815)
(1,952)
(1,869)
(1,763)
(1,631)
(1,469)
less working-capital build
—
(207)
(223)
(239)
(257)
(277)
Free cash flow to firm
—
881
1,176
1,510
1,888
2,314
Present value
836
1,006
1,164
1,311
1,447
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 · SRF LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,763
PV of the terminal value (81% of EV)
24,036
Enterprise value
29,799
less net debt
(4,414)
less non-controlling interest
0
add non-operating investments
0
Equity value
25,385
÷ 29.64 crore shares
₹856
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
891
972
1,069
1,187
1,335
10.5%
806
873
953
1,048
1,164
11.0%
734
790
856
934
1,028
11.5%
671
719
775
840
916
12.0%
617
658
705
760
823
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
