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Model Note · SUBROS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUBROS LIMITED Discounted cash flow · base FY26
SUBROS LIMITED
Value per share, this model₹271
CMP, 8 Oct 2026₹661.50
Difference(59.0)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SUBROS 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
11.5% a year
FY26 11.5% · 5-yr CAGR 15.9%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 7.8%
Depreciation · capex, % of revenue
3.3% · 4%, fading to 1.2× depreciation
FY26 3.3% · 4.0%
Working capital, % of added revenue · tax
10.9% · 24.8%
40 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 1.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18 · ₹0 · ₹0 cr
FY26 net debt ₹18 cr
Shares
6.53 crore
6.53 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
3,756
4,187
4,669
5,206
5,805
6,472
growth %
11.5
11.5
11.5
11.5
11.5
11.5
EBITDA
316
352
392
437
488
544
Depreciation
(125)
(138)
(154)
(172)
(192)
(214)
NOPAT
144
161
179
200
223
248
less capex
(150)
(167)
(186)
(207)
(230)
(256)
less working-capital build
—
(47)
(52)
(59)
(65)
(73)
Free cash flow to firm
—
84
94
106
118
133
Present value
80
81
81
82
83
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 · SUBROS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
407
PV of the terminal value (77% of EV)
1,379
Enterprise value
1,786
less net debt
(18)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,768
÷ 6.53 crore shares
₹271
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
280
301
326
357
396
10.5%
258
275
296
321
351
11.0%
239
254
271
291
316
11.5%
223
235
250
267
286
12.0%
208
219
231
246
262
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
