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Model Note · STYLAM INDUSTRIES LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STYLAM INDUSTRIES LIMITED Discounted cash flow · base FY26
STYLAM INDUSTRIES LIMITED
Value per share, this model₹1,209
CMP 2026-09-10₹3,301.20
Difference(63.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of STYLAM INDUSTRIES 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
10% a year
FY26 10.2% · 5-yr CAGR 18.9%
EBITDA margin
19.5%
FY26 19.5% · 5-yr average 17.9%
Depreciation · capex, % of revenue
1.8% · 17%, fading to 1.2× depreciation
FY26 1.8% · 17.0%
Working capital, % of added revenue · tax
30.5% · 26.3%
111 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 0.38
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(36) · ₹0 · ₹0 cr
FY26 net debt ₹(36) cr
Shares
1.69 crore
1.69 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
1,129
1,242
1,366
1,503
1,653
1,819
growth %
10.2
10.0
10.0
10.0
10.0
10.0
EBITDA
221
242
266
293
322
355
Depreciation
(21)
(22)
(25)
(27)
(30)
(33)
NOPAT
147
162
178
196
216
237
less capex
(192)
(211)
(182)
(144)
(97)
(39)
less working-capital build
—
(34)
(38)
(42)
(46)
(50)
Free cash flow to firm
—
(61)
(17)
37
103
180
Present value
(58)
(14)
29
71
113
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 · STYLAM INDUSTRIES LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
140
PV of the terminal value (93% of EV)
1,872
Enterprise value
2,013
less net debt
36
less non-controlling interest
0
add non-operating investments
0
Equity value
2,049
÷ 1.69 crore shares
₹1,209
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,253
1,363
1,495
1,657
1,859
10.5%
1,139
1,231
1,339
1,469
1,627
11.0%
1,042
1,119
1,209
1,315
1,442
11.5%
958
1,023
1,099
1,187
1,292
12.0%
885
941
1,005
1,080
1,166
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
