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Model Note · STEELCAST LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STEELCAST LIMITED Discounted cash flow · base FY26
STEELCAST LIMITED
Value per share, this model₹138
CMP 2026-09-10₹326.95
Difference(57.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of STEELCAST 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
12.5% a year
FY26 12.5% · 5-yr CAGR 21.8%
EBITDA margin
27%
FY26 27.0% · 5-yr average 25.8%
Depreciation · capex, % of revenue
3% · 7.7%, fading to 1.2× depreciation
FY26 3.0% · 7.7%
Working capital, % of added revenue · tax
29.2% · 25.4%
107 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.99
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
10.13 crore
10.13 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
423
476
536
603
678
763
growth %
12.5
12.5
12.5
12.5
12.5
12.5
EBITDA
114
129
145
163
183
206
Depreciation
(13)
(14)
(16)
(18)
(20)
(23)
NOPAT
76
85
96
108
121
137
less capex
(33)
(37)
(36)
(34)
(31)
(27)
less working-capital build
—
(15)
(17)
(20)
(22)
(25)
Free cash flow to firm
—
47
59
72
88
107
Present value
45
50
56
61
67
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 · STEELCAST LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
279
PV of the terminal value (80% of EV)
1,113
Enterprise value
1,393
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
1,394
÷ 10.13 crore shares
₹138
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
142
153
166
182
202
10.5%
131
140
151
164
179
11.0%
121
129
138
148
161
11.5%
112
119
127
135
146
12.0%
105
111
117
124
133
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
