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Model Note · STEEL STRIPS WHEELS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STEEL STRIPS WHEELS LTD. Discounted cash flow · base FY26
STEEL STRIPS WHEELS LTD.
Value per share, this model₹257
CMP 2026-09-10₹371.00
Difference(30.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of STEEL STRIPS WHEELS 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
17% a year
FY26 17.0% · 5-yr CAGR —%
EBITDA margin
9.8%
FY26 9.8% · 5-yr average 13.3%
Depreciation · capex, % of revenue
2.6% · 3.7%, fading to 1.2× depreciation
FY26 2.6% · 3.7%
Working capital, % of added revenue · tax
10.8% · 25.2%
39 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹820 · ₹0 · ₹0 cr
FY26 net debt ₹820 cr
Shares
15.72 crore
15.72 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
5,183
6,064
7,095
8,301
9,712
11,363
growth %
17.0
17.0
17.0
17.0
17.0
17.0
EBITDA
510
594
695
813
952
1,114
Depreciation
(136)
(158)
(184)
(216)
(253)
(295)
NOPAT
280
327
382
447
523
612
less capex
(193)
(224)
(252)
(283)
(317)
(355)
less working-capital build
—
(95)
(111)
(130)
(152)
(178)
Free cash flow to firm
—
165
203
250
306
375
Present value
156
174
192
212
234
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 · STEEL STRIPS WHEELS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
969
PV of the terminal value (80% of EV)
3,890
Enterprise value
4,859
less net debt
(820)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,039
÷ 15.72 crore shares
₹257
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
267
292
322
358
403
10.5%
242
262
286
315
351
11.0%
220
237
257
281
309
11.5%
200
215
232
252
275
12.0%
184
196
211
227
247
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
