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Model Note · STAR PAPER MILLS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STAR PAPER MILLS LTD Discounted cash flow · base FY26
STAR PAPER MILLS LTD
Value per share, this model₹116
CMP 2026-09-10₹167.50
Difference(31.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of STAR PAPER MILLS 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
-5% a year
FY26 (6.0)% · 5-yr CAGR 11.9%
EBITDA margin
4.5%
FY26 4.5% · 5-yr average 9.8%
Depreciation · capex, % of revenue
1.7% · 2.1%, fading to 1.2× depreciation
FY26 1.7% · 2.1%
Working capital, % of added revenue · tax
25.3% · 4.3%
93 working-capital days · effective 4.3%
Discount rate
11.00%
1-yr beta 0.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(9) · ₹0 · ₹0 cr
FY26 net debt ₹(9) cr
Shares
1.56 crore
1.56 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
410
389
370
351
334
317
growth %
(6.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
18
18
17
16
15
14
Depreciation
(7)
(7)
(6)
(6)
(6)
(5)
NOPAT
11
10
10
9
9
8
less capex
(9)
(8)
(8)
(7)
(7)
(6)
less working-capital build
—
5
5
5
4
4
Free cash flow to firm
—
14
13
13
12
12
Present value
13
11
10
8
7
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 · STAR PAPER MILLS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
50
PV of the terminal value (71% of EV)
121
Enterprise value
171
less net debt
9
less non-controlling interest
0
add non-operating investments
0
Equity value
180
÷ 1.56 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
119
127
136
147
161
10.5%
111
117
125
134
145
11.0%
104
109
116
123
132
11.5%
98
102
108
114
121
12.0%
92
96
101
106
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
