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Model Note · SRM CONTRACTORS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SRM CONTRACTORS LIMITED Discounted cash flow · base FY26
SRM CONTRACTORS LIMITED
Value per share, this model₹1,979
CMP, 8 Oct 2026₹404.85
Difference388.8%
Growth the CMP implies(4.4)%/yr
This note states the assumptions and the arithmetic of one model of SRM CONTRACTORS 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
30% a year
FY26 94.2% · 5-yr CAGR —%
EBITDA margin
16.4%
FY26 16.4% · 5-yr average 14.7%
Depreciation · capex, % of revenue
1.6% · 15.5%, fading to 1.2× depreciation
FY26 1.6% · 15.5%
Working capital, % of added revenue · tax
0% · 26.5%
-71 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹65 · ₹0 · ₹0 cr
FY26 net debt ₹65 cr
Shares
2.29 crore
2.29 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
1,026
1,333
1,733
2,253
2,929
3,808
growth %
94.2
30.0
30.0
30.0
30.0
30.0
EBITDA
168
219
284
370
480
624
Depreciation
(17)
(21)
(28)
(36)
(47)
(61)
NOPAT
112
145
189
245
319
414
less capex
(159)
(207)
(210)
(196)
(156)
(73)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(40)
6
85
210
402
Present value
(38)
6
65
146
251
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 · SRM CONTRACTORS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
430
PV of the terminal value (91% of EV)
4,175
Enterprise value
4,605
less net debt
(65)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,540
÷ 2.29 crore shares
₹1,979
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,052
2,233
2,451
2,717
3,049
10.5%
1,864
2,015
2,193
2,407
2,668
11.0%
1,704
1,831
1,979
2,154
2,363
11.5%
1,565
1,673
1,798
1,943
2,115
12.0%
1,445
1,537
1,643
1,766
1,909
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
