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Model Note · STUDDS ACCESSORIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STUDDS ACCESSORIES LTD Discounted cash flow · base FY26
STUDDS ACCESSORIES LTD
Value per share, this model₹340
CMP 2026-09-10₹422.80
Difference(19.7)%
Growth the CMP implies15.0%/yr
This note states the assumptions and the arithmetic of one model of STUDDS ACCESSORIES 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
19.3%
FY26 19.3% · 5-yr average 19.3%
Depreciation · capex, % of revenue
3.3% · 7.4%, fading to 1.2× depreciation
FY26 3.3% · 7.4%
Working capital, % of added revenue · tax
10.8% · 26%
39 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(67) · ₹0 · ₹0 cr
FY26 net debt ₹(67) cr
Shares
3.94 crore
3.94 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
634
685
740
799
863
932
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
122
132
143
154
167
180
Depreciation
(21)
(23)
(24)
(26)
(28)
(31)
NOPAT
75
81
88
95
102
110
less capex
(47)
(51)
(48)
(45)
(42)
(37)
less working-capital build
—
(5)
(6)
(6)
(7)
(7)
Free cash flow to firm
—
48
58
69
82
97
Present value
45
49
53
57
60
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 · STUDDS ACCESSORIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
265
PV of the terminal value (79% of EV)
1,005
Enterprise value
1,270
less net debt
67
less non-controlling interest
0
add non-operating investments
0
Equity value
1,337
÷ 3.94 crore shares
₹340
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
351
376
407
444
491
10.5%
324
345
370
400
437
11.0%
301
319
340
364
394
11.5%
281
297
314
334
359
12.0%
264
277
292
309
329
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
